Australian Indexes Lower on China Slow Down

Marcus Jacob
24 Jul, 2015
New York City

Australian market indexes traded lower and for the week the ASX 200 index declined 1.8%. Costa Group, the largest horticulture company in Australia, priced its initial offering. OrotonGroup sold its stake in Brooks Brothers Australia.

[R]5:30 PM Sydney – Australian market indexes traded lower and for the week the ASX 200 index declined 1.8%. Costa Group, the largest horticulture company in Australia, priced its initial offering. OrotonGroup sold its stake in Brooks Brothers Australia.[/R]

Australian market indexes traded lower after a private survey showed weaker-than-expected growth in manufacturing sector in China and metals and oil prices extended losses.

Australian dollar closed at 72.94 U.S. cents and in stock trading turnover slid to 604 million shares worth $4.2 billion.

At close, the ASX 200 Index slipped 24.20 or 0.4% to 5,566.10 and the broader All Ordinaries Index decreased 24.520 to 5,556.80.

For the week, ASX 200 dropped 1.8%.

In commodities trading, gold declined US$12 to US$1,086 an ounce and Brent crude added 0.14 cents to close at US$55.41 a barrel.

IPO

Costa Group declined 4% to $2.16 after the country’s largest horticultural company priced its stock at $2.25.

The stock opened at $2.24 and closed at $2.16.

Australian Stock Movers

Acrux Limited plunged 13.1% to 86 cents after the healthcare products maker and commercial partner of the U.S.-based pharmaceutical giant Eli Lilly said net sales in the second-quarter ending in June fell 1% to US$32.4 million compared to US$39.1 million in the previous quarter.

Compumedics Limited after the trading halt at 29.5 cents the diagnostic systems provider said preliminary revenues in the year ending in June climbed 10% to $33 million and net profit forecasted between $3.5 million and $4 million from a year ago period.

OrotonGroup Limited jumped 2.9% to $1.91 after the luxury goods retailer divested its stake in the U.S.-based premium brand retailer Brooks Brothers Australia to Brooks Brothers International.

The transaction is intended to be finalised by July 25.