Australian Indexes Fall on Asian Market Weakness

Marcus Jacob
23 Oct, 2013
New York City

Australian markets traded lower after the yen strengthened and market indexes in Japan, China and India declined. Super Retail Group plans to accelerate new store opening next year. Treasury Wine Estates reaffirmed its annual outlook. Ruralco issued cautious profit views.

[R]4:30 PM Sydney – Australian markets traded lower after the yen strengthened and market indexes in Japan, China and India declined. Super Retail Group plans to accelerate new store opening next year. Treasury Wine Estates reaffirmed its annual outlook. Ruralco issued cautious profit views.][/R]

Australian stocks and market indexes declined in the afternoon trading after a regional selloff was sparked by a stronger in yen Tokyo trading.

Investors were also spooked by a report suggesting bad loans at Chinese banks tripled.

Australian dollar held at 96.52 U.S. cents. In stock trading, turnover rose to 899 million shares worth $4.8 billion.

The ASX 200 index fell 17 or 0.3% to close at 5,356.10 and the broader All Ordinaries slipped 14.40 to 5,356.80.

The Australian Bureau of Statistics reported consumer price index in the third-quarter to September increased 1.2% and core rate of inflation rose 0.65%.

The index jumped 2.2% from a year ago quarter and core inflation declined 2.2% and core inflation index gained 2.3%.

Stocks in Review

Rio Tinto dropped 32 cents to $63.65, BHP jumped 45 cents to $37.50 and Woodside Petroleum Limited rose 2 cents to $38.38.

Westpac slipped 24 cents to $33.87.

Ruralco Holdings Limited jumped 3.5% to $3.27 after the agricultural products seller expects its profit for the year to September, will range from a breakeven result to a $1 million loss mainly due to lower livestock commodity prices and reduced first-half agricultural chemical sales.

Super Retail Group Limited dropped 2.7% to $13.49 after the specialty retailer CEO Peter Birtles said the company plans to open 25 new stores in fiscal 2014 and five new stores in the current financial year.

Separately, the retailer said auto retailing sales growth in the period ending on October 19 increased 3% and leisure sales jumped 5% while sports retailing climbed 6%.

Shine Corporate Ltd surged 5.4% to $1.76 after the legal services provider reaffirmed its net profit for the year to increase 21.5%.