A Rebound in Oil Lifts Australian Indexes 1.6%

Marcus Jacob
09 Jan, 2015
New York City

Australian market indexes jumped 1.6% after oil price stabilized and international markets advanced. Inflation index in China was nearly flat at 1.5% in December prompting calls for more policy measures from the government.

[R]5:30 PM Sydney – Australian market indexes jumped 1.6% after oil price stabilized and international markets advanced. Inflation index in China was nearly flat at 1.5% in December prompting calls for more policy measures from the government.[/R]

Australian stocks advanced after oil price stabilized for the second day and market indexes rallied in New York and in Europe.

Australian dollar closed at 81.41 U.S. cents and in stock-trading turnover dropped to 650 million shares worth $3.96 billion.

ASX 200 Index jumped 84.10 or 1.6% to 5,465.60 and broader All Ordinaries Index climbed 80.70 to 5,440.10.

In commodities trading, gold gained $4 to US$1,212 an ounce and light crude oil rose 20 cents to US$49.28 a barrel. Brent Crude declined 47 cents to close at US$60.11 a barrel.

Australian Stock Movers

Amex Resources Limited declined 6.7% to 70 cents after the mineral exploration company suspend a contract with MCC Overseas for the design and construction of its MBA Delta iron sands project in Fiji for about US$100 million.

Altium Limited plunged 8.1% to $3.07 after the software developer said revenues in the second-quarter ending in December surged 17% to US$20.3 million compared to US$17.4 million a year ago period.

Prophecy International Holdings Limited surged 13.3% to 51 cents after the software application service provider forecasted record revenues and operating profit in the first-half ending in December. The company also confirmed the accumulation of $5.9 million in cash, the best in five years.