Afternoon (PM) Market Report

Details

Published on Thursday, 15 September 2016 07:00

The Australian market opened lower this morning on the back of losses on Wall Street overnight.

Thursday, 15th September 2016

Local stocks swung back to positive territory in late afternoon, with the big banks and mining names leading the charge. There were mixed results from the sectors; materials gained most significantly while energy was the biggest laggard. The Australian dollar lost against most major currencies, with the exception of the British pound and New Zealand dollar.

The All Ordinaries rose 10.50 points (0.20%) to 5,337.10 while the S&P/ASX 200 gained 12.20 points (0.23%) to 5,239.90.

GPT Group announced that it has agreed to purchase 164.2m securities in the GPT Wholesale Shopping Centre Fund (GWSCF) for $157m. The purchase of these securities will increase the Group's interest in the Fund from 20.2% to 25.3%. The GWSCF securities will be purchased from existing investors at a 1.5% discount to the current unit value (CUV) of the securities at 30 June 2016. The GWSCF distribution yield for the 12 months to 30 June 2016 was 5.7%. The Company's purchase will be debt funded from existing facilities. The all-in cost of funds for the purchase will be 3.3%. GPT lost 1 cent (-0.21%) to $4.79. Pacific Current Group announced that Aurora Investment Management, as trustee (Trustee) for the Aurora Trust (Trust), has determined to defer payment of the US $42M redemption price for the Trust's Class X redeemable preferred units (XRPU) until at least November 2017 or later. The deferment is permitted under the Trust's governing documents if the Trustee's board determines that certain legacy Northern Lights alternatives boutiques are unlikely to outperform certain legacy Treasury Group alternatives boutiques based on a formula. The Trustee's decision to defer payment is based on a variety of factors, including the determination that the requisite condition for payment of the redemption amount has not been met. PAC dropped 3 cents (-0.76%) to $3.94.

The NZX fell 14.48 points (-0.20%) to 7,196.24 while the Nikkei lost 209.23 (-1.26%) to close at $16,405.01.

The Australian dollar was last quoted at 74.57 US cents.