Australian Indexes Track Lower Commodities

Marcus Jacob
18 Nov, 2014
New York City

Australian market indexes traded lower tracking lower commodities prices. Qantas Air agreed to a joint venture with China Eastern Airline.

[R]5:30 PM Sydney – Australian market indexes traded lower tracking lower commodities prices. Qantas Air agreed to a joint venture with China Eastern Airline.[/R]

Australian stocks traded lower tracking the lower iron ore and gold prices. Crude oil also declined and investors focused on international markets.

At the end of G20 meeting of world leaders, U.S. and China struck deal to limit carbon emissions and Australia and China also struck a deal to expand trade and investment.

Australian dollar closed at 87.18 U.S. cents and in stock-trading turnover added to 588 million shares worth $3.32 billion.

ASX 200 Index fell 12.80 or 0.2% to 5,399.70 and broader All Ordinaries Index slid 13.50 to 5,383.10.

In commodities trading, gold slid US$3 to US$1,187 an ounce and light crude oil decreased 18 cents to US$75.64 a barrel.

Australian Stock Movers

BigAir Group Limited surged 13.7% to 83 cents after the wireless broadband network provider signed an agreement to acquire entire stake of Oriel Technologies Pty Ltd for a total consideration of $15 million.

The transaction is expected to close on or before end of December.

Qantas Airways Limited rose 0.6% to $1.81 after the Australian government controlled airline plans to start a joint venture with China Eastern Airlines Corp.

Skilled Group Ltd dropped 2.2% to $2.19 after the workforce solution provider agreed to acquire remaining 50% stake of Offshore Marine Services for $6.9 million.