Australian Indexes Jump 1.6%

Marcus Jacob
16 Sep, 2015
New York City

Australian stocks rebounded on the resurgent resource and banking sector. Media and entertainment stocks were nearly unchanged. Timah Resources and Vitaco Holdings priced initial public offerings.

[R]5:30 PM Sydney, Australia – Australian stocks rebounded on the resurgent resource and banking sector. Media and entertainment stocks were nearly unchanged. Timah Resources and Vitaco Holdings priced initial public offerings.[/R]

Australian market indexes rebounded on the hopes that the U.S. Fed will delay the rate hike to the next policy meeting later in the year.

Australian dollar closed at 71.47 U.S. cents and in stock trading turnover rose to 928 million shares worth $5.7 billion.

At close, the ASX 200 Index jumped 80.50 or 1.6% to 5,098.90 and the broader All Ordinaries Index advanced 77 to 5,123.60.

In commodities trading, gold fell US$3 to US$1,106 an ounce and Brent crude future for immediate month delivery increased 43 cents to US$48.18 a barrel.

IPO

Timah Resources Limited closed at 24.5 cents after the renewable energy producer priced its stock at 20 cents.

The stock opened and closed at 24.5 cents.

Vitaco Holdings Limited declined 4.8% to $2.38 after the health supplement and food and beverage maker priced its stock at $2.10.

The stock opened at $2.50 and closed at $2.38.

Australian Stock Movers

Aurelia Metals Ltd tumbled 55.6% to 0.016 cents after the gold miner said that negotiation with Glencore have collapsed and approached the New South Wales Supreme Court to remove the voluntary administrator appointed by the mining conglomerate.

Aurelia was hoping that through negotiations the company would reduce its net debt by $79.77 million to about $39.93 million.

Brambles Limited slipped 1% to $9.52 after the supply-chain logistics products and services provider plans to invest of US$1.5 billion in the next four-years through 2019 and forecasted operating profit for fiscal 2016 of about US$1.02 billion.

Regis Resources Limited gained 1.9% to $1.62 after the gold producer said sales in the year ending in June soared 25% from a year ago to $465.32 million from $371.93 million.

Net in the year swung to profit $86.92 million compared to a loss of $147.83 million and diluted earnings per share swung to 17.39 cents form a diluted loss per share of 29.68 cents.

Sealink Travel Group Ltd was halted at $2.77 the ferry and cruise operator is looking raise additional capital.