Australian Indexes Soar 1%, BHP Minerals Production Rises

Marcus Jacob
22 Oct, 2014
New York City

Australian market indexes advanced 1.1% after commodities gained. The overnight gains in international markets lifted market sentiment and in trading turnover increased to $4.2 billion. Aussie dollar closed at 87.84 U.S. cents.

[R]5:30 PM Sydney – Australian market indexes advanced 1.1% after commodities gained. The overnight gains in international markets lifted market sentiment and in trading turnover increased to $4.2 billion. Aussie dollar closed at 87.84 U.S. cents.[/R]

Markets in Australian surged 1% following advances in international markets and gains in metals and other commodities.

The Australian Bureau of Statistics reported consumer price index in the third-quarter declined to 2.3%, down from 3% in the second-quarter.

Australian dollar closed up to 87.84 U.S. cents and in stock-trading turnover soared to 711 million shares worth $4.23 billion.

ASX 200 Index jumped 60.90 or 1.1% to 5,385.90 and broader All Ordinaries Index gained 60.83 or 1.1% to 5,373.30.

Australian Stock Movers

BHP Billiton Limited gained 1.5% to $34.27 after the diversified natural resources company said iron ore production in the first-quarter ending in September climbed 17% to 57.09 million tons as production in Western Australia increased by 15%.

The company reported production of metallurgical coal jumped 25% to 13 million tons as Queensland Coal achieved record quarterly production and sales volumes.

Total copper production fell 1% to 389,400 tons after lower ore grades and power outage throughout Northern Chile.

Petroleum production increased by 7% to 67.4 million barrels of oil equivalent, as Onshore U.S. liquids volumes rose by 49% to a record 11.5 million barrels of oil equivalent.

BHP said thermal coal output plunged 9% to 17.8 million tons.

G8 Education Ltd closed unchanged at $5.14 after the educational and child care service provider acquired 20 childcare and education centers and announced a plan to raise nearly $100 million through stock placement.

Woolworths Limited rose 0.2% to $34.80 after the food and liquor retailer is considering options for Big W unit and the retailer denied reports that the company is planning for a restructuring.