Weekly Loss of 1.1% in Australian Indexes

Marcus Jacob
31 May, 2013
New York City

Australian index closed extended losses for the day and declined 1.1% in the week and fell 4.6% in the month. Australian dollar edged slightly higher. Origin Energy CEO in cautious comments said the outlook for Australian coal industry is bleak on the rising U.S. exports.

[R]5:00 PM Sydney – Australian index closed extended losses for the day and declined 1.1% in the week and fell 4.6% in the month. Australian dollar edged slightly higher. Origin Energy CEO in cautious comments said the outlook for Australian coal industry is bleak on the rising U.S. exports.[/R]

The ASX 200 index fell 4.10 to 4,926.60 and the broader All Ordinaries slid 3.10 to 4,914.

For the week, the ASX 200 slipped 1.1% and for the month declined 4.6%.

Australian dollar edged up to 96.57 cents against the U.S. dollar and in stock trading turnover climbed to 1.1 billion worth $8.3 billion.

The Reserve Bank of Australia said credit growth expanded in April by 0.3% on the strength in housing and business credit.

Stocks in Review

Rio Tinto gained $1.22 to $55.18 and BHP increased 42 cents to $34.88.

Woodside Petroleum Limited dropped 31 cents to $35.99.

David Jones Limited fell 3 cents to $2.52 and Breville Group up 3 cents to $7.59. Woolworths slipped 18 cents to $33.

Mirvac Group rose 5 cents to $1.67. Lend Lease gained 9 cents to $10.02.

Elders Limited soared 20% in previous session and fell 13% in today’s trading after heavily indebted agri-business reported a net loss of $303 million with underlying loss of $23 million.

Westpac slumped 42 cents to $28.44, Commonwealth down 1.1% to $66.86 and National Australia Bank slid 1.1% to $29 and ANZ added 0.04% to $27.54.

Leighton Holdings Limited declined 4.9% to $17.59 after the construction company suspended operations at Indonesia''s Senakin and Satui coal mines in a dispute.

Sundance Resources Limited jumped 9.4% to 9.30 cents after the iron ore producer said it will conclude discussions with potential partners by the end of next month on its $4.7 billion iron ore project in West Africa.