Australian Dollar Firm; Kathmandu IPO

Mayank Mehta
13 Nov, 2009
New York City

Australian stocks closed lower on Friday but up 2.5% for the week. Outdoor equipment retailer Kathmandu Holdings raised A$340 million. Gold miner St Barbara raised A$73 million.

[R]10:00 AM Sydney, Australia – Australian stocks closed lower on Friday but up 2.5% for the week. Outdoor equipment retailer Kathmandu Holdings raised A$340 million. Gold miner St Barbara raised A$73 million.[/R]

For the week the Australian benchmark index gained 2.5% as China reported sharp increase in industrial production and the Aussie dollar stayed firm near the record high for the year.

The ASX 200 index increased decreased 41.50 or 0.8% to 4,706.40. Of the stocks in S&P ASX 200 index, 56 increased, 127 declined and 17 were unchanged.

The Aussie dollar closed up 1% to 93.28 U.S. cents and hovered near its record high for the year.

The outdoor clothing retailer Kathmandu Holdings placed 200 million shares at A$1.70 each and raise A$340 million. The stock closed at A$1.76, up 3.5% from the offer price. Goldman Sachs JBWere Pty and Quadrant Private Equity sold their entire stake in the company .

ASX Movers

St Barbara Limited led the decliners in the S&P ASX 200 index with a loss of 7.0% followed by losses in Elders Limited of 5.5%, in National Australia Bank Limited of 3.9%, in Equinox Minerals Limited 3.7% and in Bank of Queensland Limited 3.4%.

Nexus Energy Limited led gainers in the S&P ASX 200 index with a rise of 7.1% followed by gains in Macquarie Media Group 5.6%, in Molopo Australia Limited of 5.0% and in Virgin Blue Holdings Limited of 4.8%.

Other Movers

BHP Billiton plc decreased 1.3% to A$39.01 after the mining company said that three potential bidders remain in the running for the company’s Ravensthorpe nickel operation in Western Australia, with final bids due November 25, according to local media reports in Sydney.

BlueScope Steel Limited fell 0.6% to A$2.87 after the manufacture and distribution of flat steel products reiterated its earnings outlook on Thursday, saying it expected to post a small net loss for the half year to December.

Elders Limited the rural and regional company declined 5.5% to A$0.17.

Macquarie Media Group increased 5.6% to A$1.96.

Molopo Australia Limited, a petroleum explorer rose 5.0% to A$1.55.

National Australia Bank Limited dropped 3.9% to A$28.89.

Nexus Energy Limited increased 7.1% to A$0.37 after the oil and gas company said that following the completion of the Longtom offshore installation activities, the project has been producing gas and condensate at stable rates for over two weeks.

Paladin Energy Ltd declined 2.6% to A$4.12 after the uranium production revised its fiscal 2010 production outlook to a range of 5.6Mlb to 6.1Mlb due to slower production ramp-up at Langer Heinrich Mine and Kayelekera Mine.

St Barbara Limited decreased 7.0% to A$0.32 after the gold miner garnered about A$73 million from an institutional entitlement, the first stage of its planned A$124 million equity raising.