In Sydney Trading Brambles, Cochlear and Newcrest in Focus

Marcus Jacob
20 Oct, 2015
New York City

Australian market indexes closed down and the Aussie dollar held firm in active trading. Brambles Limited raised $500 million through a bond offering. Cochlear Limited reaffirmed its annual earnings outlook. Newcrest Mining said gold production in third-quarter declined 13%.

[R]5:30 PM Sydney, Australia – Australian market indexes closed down and the Aussie dollar held firm in active trading. Brambles Limited raised $500 million through a bond offering. Cochlear Limited reaffirmed its annual earnings outlook. Newcrest Mining said gold production in third-quarter declined 13%.[/R]

Australian market indexes closed down in below average trading and the Aussie dollar held firm near 73 U.S. cents mark.

Australian dollar closed at 72.74 U.S. cents and in stock trading turnover added to 687 billion shares worth $4.6 billion.

At close, the ASX 200 Index slipped 34.10 or 0.7% to 5,235.60 and the broader All Ordinaries Index slumped 33 to 5,271.60.

In commodities trading, gold fell US$4 to US$1,169 an ounce and Brent crude future for immediate month delivery slid 15 cents to US$48.46 a barrel.

Australian Stock Movers

Brambles Limited rose 0.2% to $10.11 after the supply-chain logistics company raised $500 million in the U.S. bond market to repay the debt and remaining net proceed for general purposes.

Cochlear Limited gained 0.4% to $84.82 after the hearing solution provider reaffirmed net profit forecast for the year between $165 million and $175 million.

Newcrest Mining Limited plunged 5.1% to $14.11 after the gold producer reported production in the third-quarter ending in September slumped 13% to 583,745 ounces with an average price of US$1,128 per ounce from US$1,193 in the June quarter.

Nine Entertainment Co Holdings Ltd fell 1.9% to $1.59 after the company said domestic television company Win Corp intends to acquire 13% stake in the company from U.S.-based private equity firm Apollo Global Management LLC.

In a statement, free-to-air television network confirmed the sale without indicating the price.

Oil Search Limited slipped 1.8% to $7.30 after the oil and gas explorer said gas and crude-oil production in the latest hit a record 7.42 million barrels of oil equivalent, slightly higher from 7.41 million in the prior quarter and 11% higher than the year ago period.

Total sales in the quarter dropped 3% to 7.22 million barrels of oil equivalent from the previous quarter.

Revenue in the third-quarter declined 3% to US$379 million from US$391.5 million in the previous quarter.