Australian Indexes Drop 1%, Oil at New 5-year Low

Marcus Jacob
30 Dec, 2014
New York City

Australian market indexes dropped 1% and the Aussie dollar weakened after crude oil price eased and fell to a new low in the year. CuDeco Limited soared 18% after the copper miner issued production report.

[R]5:30 PM Sydney – Australian market indexes dropped 1% and the Aussie dollar weakened after crude oil price eased and fell to a new low in the year. CuDeco Limited soared 18% after the copper miner issued production report.[/R]

Australian market indexes closed down following the weakness in international markets.

Australian dollar closed at 81.27 U.S. cents and in stock-trading turnover advanced to 411 million shares worth $2.4 billion.

ASX 200 Index dropped 57.20 or 1% to 5,416.60 and broader All Ordinaries Index slumped 54.70 1% to 5,392.30.

In commodities trading, gold declined $7 to US$1,189 an ounce and light crude oil slid US$1.12 to US$53.61 a barrel. Brent Crude declined 47 cents to close at US$60.11 a barrel.

Australian Stock Movers

Axiom Mining Limited climbed 6.7% to 0.016 cents after the mineral exploration company entered into a strategic partnership with Anitua Limited for unsecured loan of $5 million to provide a range of services for its Isabel Nickel project in Solomon Islands.

360 Capital Group Ltd closed unchanged at $1.05 after the commercial and industrial property developer establishes a new unlisted fund to acquire two shopping centers for $68 million.

Growthpoint Properties Australia Ltd slipped 1.1% to $2.78 after the property developer signed an agreement to acquire a 1.1 hectare site in Melbourne to develop seven-floor suburban office building.

Noni B Limited closed unchanged at 53 cents after the women’s apparel and accessory retailer agreed to acquired Queenspark and Events brand from subsidiary of BD Standard Pty Ltd (formarly Universal Retail Brands Pty Ltd) for total consideration of about $675,000.