Afternoon (PM) Market Report

Details

Published on Wednesday, 05 October 2016 07:00

The Australian market started the day on a low point, dragged down by heavy losses amongst gold miners after an overnight drop in gold prices.

Wednesday, 5h October

Local stocks remained in the negative zone throughout the day, to close well below the red line. Most sectors experienced losses, with only financials and information technology ending with slight gains. The Australian dollar appreciated against most major currencies.

The All Ordinaries fell 32.90 points (-0.59%) to 5,537.00 while the S&P/ASX 200 lost 31.10 points (-0.57%) to 5,452.90.

Beach Energy provided monthly drilling report for the period September 2016. The Stunsail-3 development well was drilled to develop oil bearing reservoirs in the Namur and Mid-Namur Sandstone in the Stunsail Field, which is located 85km northwest of the Moomba processing facility. Stunsail-3 also assessed potential for reservoir development in the Birkhead Formation. The well was cased and suspended after intersecting two metres of net pay in the Namur Sandstone and four metres of net pay in the Mid-Namur Sandstone. The Company has completed all three development wells in its FY17 operated Western Flank drilling campaign. A five-well appraisal and development campaign on the central flank of the Big Lake Field, which is located 20km south-east of the Moomba processing facility continued. BPT dropped 0.5 cents (-0.71%) to $0.70.

The NZX declined 81.30 points (-1.11%) to 7,271.16 while the Nikkei added 86.79 points (0.52%) at the time of writing to be last quoted at 16,822.44.

The Australian dollar was last quoted at 76.26 US cents.