Aussie Dollar at New 4-1/2-year Low, OhhMedia, LatAm, 8I List Shares

Marcus Jacob
17 Dec, 2014
New York City

Australian stocks rebounded after a string of losses in last five days of trading. Aussie dollar dropped to a new four-and-half year low. Santos Limited agreed to sell assets and reduce debt burden. 8I Holdings, Ohh Media and LatAm completed initial public offering.

[R]5:30 PM Sydney – Australian stocks rebounded after a string of losses in last five days of trading. Aussie dollar dropped to a new four-and-half year low. Santos Limited agreed to sell assets and reduce debt burden. 8I Holdings, Ohh Media and LatAm completed initial public offering.[/R]

Australian stocks rebounded after steep losses in last three trading sessions as oil and gold prices stabilized and investors shifted focus to Asia.

Aussie dollar continued to slide and touched a new four-and-half year low and followed the weakness in currencies of oil and commodities producing nations.

The Aussie dollar has been on the decline for the last six weeks and on Monday RBA Governor Glen Stevens held out for the dollar to drop as low as 75 U.S. cents.

Australian dollar closed at 81.52 U.S. cents and in stock-trading turnover increased to 721 million shares worth $4.7 billion.

The Westpac-Melbourne Institute''s leading index in November dropped to -0.47% from -0.15% in October.

ASX 200 Index rose 9.60 or 0.2% to 5,161.90 and broader All Ordinaries Index gained 9.60 to 5,140.60.

In commodities trading, gold held at US$1,198 an ounce and light crude oil was flat at US$56.26 a barrel.

IPO

8I Holdings Limited the investment company surged 55% after the stock market listing with an offer price of 20 cents. The stock opened at 25 cents and a closed at 31 cents.

Ohh!Media Ltd, the advertising company priced its public offering at $1.93 a share and the stock opened at $1.89 and a closed at $1.90, a decreased of 1.5%.

LatAm Autos Limited and the online auto classifieds operator plunged 18.3% after listing with an issue price of 30 cents and the stock opened at 24 cents and a closed at 24.5 cents.

Australian Stock Movers

Affinity Education Group Limited jumped 4.9% to $1.17 after the educational service provider agreed to acquire 16 additional childcare centers for $45 million.

Santos Limited soared 4.3% to $7.58 after the oil and gas producer signed an agreement to sell stake in assets in the state of Victoria for about $27.5 million to Cooper Energy Limited.

Vmoto Limited climbed 5.1% to 0.041 cents after the scooters and terrain electric vehicle maker entered in to a joint venture with China-based unnamed company.

The company plans to design, manufacture and sale of electric vehicles for the Chinese market and will initially invest up to US$1.5 million.

The first year production is estimated between 20,000 and 50,000 units.

Village Roadshow Limited closed unchanged at $6 and the entertainment company agreed to acquire about one-third stake of U.S.-based international film distributor FilmNation Entertainment.

The company plans to invest $18 million next year.