Aussie Dollar at a New 5-year Low; LNG, KBR to Build Louisiana Terminal

Marcus Jacob
05 Jan, 2015
New York City

Australian stocks advanced for the second day in a row and Aussie dollar edged lower to a new five-year low. Crude oil eased to a new 4-year low. Liquefied Natural Gas Limited entered into a joint venture with KBR Inc to complete its $2 billion terminal in Louisiana.

[R]5:30 PM Sydney – Australian stocks advanced for the second day in a row and Aussie dollar edged lower to a new five-year low. Crude oil eased to a new 4-year low. Liquefied Natural Gas Limited entered into a joint venture with KBR Inc to complete its $2 billion terminal in Louisiana.[/R]

Australian stocks advanced in thin trading and gold gained but crude oil continued its decline.

The Australian Industry Group latest survey reported manufacturing sector fell into contraction in December with Purchasing Manufacturing Index declining to 46.9 from 50.1 in November.

In subdued trading, volume was 50% below its normal average and resource stocks were in focus.

Australian dollar closed at 80.62 U.S. cents and in stock-trading turnover climbed to 506 million shares worth $2.55 billion.

ASX 200 Index gained 14.40 or 0.3% to 5,450.30 and broader All Ordinaries Index rose 14.50 to 5,429.50.

In commodities trading, gold jumped $6 to US$1,192 an ounce and light crude oil fell 58 cents to US$52.69 a barrel. Brent Crude declined 47 cents to close at US$60.11 a barrel.

Australian Stock Movers

Decmil Group Limited surged 8.1% to $1.60 after the engineering contractor won a contract extension of existing well-site installation services on the Queensland Curtis LNG upstream project worth $65 million from QGC Pty Ltd.

Insurance Australia Group Ltd gained 0.9% to $6.36 and the insurance company finalized catastrophe reinsurance protection of $7 billion for 2015.

Liquefied Natural Gas Ltd declined 4.1% to $2.33 after the liquefied natural gas producer entered into a joint venture with a subsidiary of KBR, Inc to develop its $2 billion LNG export terminal in Louisiana.

The first LNG production is expected to commence in the fourth-quarter of 2018.