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Market Update

Weekly Rise of 2% in Australian Indexes, Equifax Targets Veda Group

Author: Marcus Jacob
Last Update: 2:28 PM ET September 18 2015

5:30 PM Sydney, Australia – Australian and Asian investors looked beyond the latest U.S. Fed action. World markets are expected to me remained volatile as speculation intensifies about the possible rate hike at the next Fed meeting in October.

Australian market indexes advanced following the rate decision in the U.S. and a mild rally in Asian markets.

U.S. Federal Reserve decided to leave rates on hold but held out for a possible rate increase at one of the last two meetings in the rest of the year.

The Fed decision on rate was widely anticipated and awaited and world markets have been volatile for the last six weeks.

Policymakers at the central bank in a 9-1 vote decided to leave rates near zero, where they have been since December 2008 as the reported inflation has been subdued.

However the cost of education services, medical care and homes have been on the steel rise for the last five years.

Australian dollar closed at 72.13 U.S. cents and in stock trading turnover rose to 1.09 billion shares worth $5.9 billion.

At close, the ASX 200 Index gained 23.70 or 0.5% to 5,170.50 and the broader All Ordinaries Index increased 23.10 to 5,194.30.

For the week, ASX 200 jumped 2.1%.

In commodities trading, gold added US$9 to US$1,130 an ounce and Brent crude future for immediate month delivery slid 34 cents to US$48.74 a barrel.

Australian Stock Movers

Jumbo Interactive Ltd soared 11.7% to 90.5 cents after the online lottery tickets provider plans to buy back up to 4.39 million shares to expand the business in domestic and overseas markets.

Premier Investments Ltd declined 3% to $11.79 after the specialty retail fashion chains reported total sales in the year ending on July 25 jumped 6.4% from a year ago to $946 million.

Net profit in the year surged 20.7% to $88.1 million compared to $73 million and diluted earnings per share increased to 55.92 cents from 46.36 cents in the same period a year ago.

SeaLink Travel Group Limited jumped 10.5% to $3.06 after the ferry, cruise and tour operator intends to acquire Queensland-based smaller rival Transit Systems Marine for $125 million.

Sydney Airport Holdings Ltd gained 1.7% to $5.86 after the airport operator said passenger traffic in August increased 1.7% to 3.26 million from 3.20 million in a year ago period.

Domestic passengers in the month rose 0.8% to 2.15 million and international passengers jumped 3.4% to 1.11 million.

The company said average international load factors improved by 3.1 percentage points and remained flat for domestic markets.

Veda Group Ltd surged 31.3% to $2.62 after the data analysis provider received a non-binding takeover proposal from the U.S.-based Equifax Inc for $2.70 per share in cash valued at about $2.3 billion or US$1.6 billion.

The transaction representing 35% premium of yesterday’s closing price of $1.995.

Veda Group provides credit information in Australia and New Zealand.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc