Australian Job Less Rate Held at 6.2%, UGL Sells DTZ for $1.2 B

Marcus Jacob
06 Nov, 2014
New York City

Australian market indexes turned lower in the afternoon and the Aussie dollar weakened after prices of oil, gold and iron ore declined. News Corp reported stronger than expected first-quarter results. UGL agreed to sell it global property service business DTZ.

[R]5:30 PM Sydney – Australian market indexes turned lower in the afternoon and the Aussie dollar weakened after prices of oil, gold and iron ore declined. News Corp reported stronger than expected first-quarter results. UGL agreed to sell it global property service business DTZ.[/R]

Australian market indexes closed down and the Aussie dollar slipped as gold, oil and iron ore prices traded lower.

The Australian Bureau of Statistics reported unemployment rate in October was unchanged at 6.2% and the economy added 24,100 jobs in October followed by the loss of 23,700 in September.

Australian dollar slipped to 86.11 U.S. cents and in stock-trading turnover rose to 760 million shares worth $4.82 billion.

ASX 200 Index fell 11.80 or 0.2% to 5,506.10 and broader All Ordinaries Index slid 13.60 to 5,479.20.

In commodities trading, gold slipped US$17 to US$1,146 an ounce and light crude oil slumped $1.49 to US$78.68 a barrel.

Australian Stock Movers

Fairfax Media Limited dropped 1.2% to 80 cents after the print and broadcasting company said total group revenue declined 3% to $1.97 billion and readers and subscribers increased in print and broadcasting business from a year ago period. The company held its annual general meeting today.

News Corp surged 6.6% to $18.08 after the diversified media and pay-television service provider reported revenue in the first-quarter ending in September jumped 4% to $2.15 billion from $2.07 billion a year ago period.

Net income in the quarter surged 140.7% to $65 million compared to $27 million and diluted earnings per share jumped to 11 cents from 5 cents in the same period a year ago.

Sealink Travel Group Ltd jumped 4.1% to $1.80 after the ferry, cruise and tour operator said revenue in the year ending in September soared 13.5% to $104.4 million and underlying net profit-after-tax surged 38% to $7.87 million compared to same period a year ago.

UGL Limited tumbled 14.6% to $5.89 after the diversified services provider agreed to sell global property services business DTZ for $1.22 billion to a consortium comprising TPG Capital, PAG Asia Capital and Ontario Teacher’s Pension Plan.

Xero Limited climbed 5.4% to $15.58 after the online accounting software company agreed to acquire the U.S.-based online payroll services provider Monchilla Inc for $4.1 million in cash.