Afternoon (PM) Market Report

Details

Published on Thursday, 13 October 2016 07:00

The local market opened lower today on the back of losses on Wall Street overnight.

Thursday, 13th October 2016

The negativity continued throughout the day as stocks remained below the flat-line until close, weighed down by resource stocks and the release of the Federal Reserve minutes. There were mixed results from the sectors; consumer staples gained most significantly while health care and materials were the biggest laggard. The Australian dollar fell against most major currencies.

The All Ordinaries fell 36.90 points (-0.66%) to 5,518.30 while the S&P/ASX 200 fell 39.10 points (-0.71%) to 5,435.50.

Origin Energy announced the successful extension of $4.51bn of bank debt facilities maturing in December 2018 to a new five-year maturity of October 2021. The extension of these facilities was negotiated through a syndicate of domestic and international banks. The existing limit of the bank's debt facilities remains unchanged at $7.4bn, comprising $2.9bn maturing in December 2019 and $4.51bn maturing in October 2021. The Company currently holds $6.6bn of committed and undrawn debt facilities. ORG lost 9 cents (-1.59%) to $5.56. OZ Minerals announced that it has signs JV Agreement with Cassini Resources to earn up to 70% of the West Musgrave Project, consisting of two deposits located in central WA. Commencement of $3m scoping study to identify commercial pathway to begin mining Australia's undeveloped copper and nickel deposit. Study to focus on improvement in metallurgical recovery and operational scale to extract increased value from the resource. OZL added 10 cents (1.70%) to $5.98.

The NZX 50 added 12.59 points (0.18%) to 7,120.05 while the Nikkei dropped 55.59 (-0.33%) points at the time of writing, to be last quoted at 16,784.4.

The Australian dollar was last quoted at 75.36 US cents.