Australia | Dec 11 2013
By Henry Jennings, Private Client Advisor, BBY Ltd
• Market opened flat and despite flirting with positive territory at times it gave up hope over the afternoon, closing down near its lows. The market finished down 39 points (-0.8%), with 27 of the top 30 traded stocks finishing lower.
• Consumer sentiment fell by 4.8% to 105.0 points in December, from 110.3 in November, according to the Westpac Consumer Sentiment Index, the lowest level since July.
• Oz Minerals Limited (A$2.65, -14.2%) have been smashed after it forecast lacklustre production levels next year and said there had been no increase to resources at its ageing and only operating mine. The shares are at near 13-year lows and have fallen by two-thirds value this year.
• Sovereign Metals (SVM) announced details of an on-market buy-back of up to 11.9 million shares representing approximately 3.86% of the Company’s ordinary shares. This initiative is being undertaken as part of the Company’s ongoing capital management strategy. The buy-back is expected to commence on 13 January 2014.
• Leighton Holdings Limited (A$15.42, +0.7%) announced its Middle Eastern division Habtoor Leighton Group scored a $US395 million contract to work on the construction of the Residential Towers project in Dubai.
• Fairfax Media Limited (A$0.645, +2.4%) acquired property data and mapping provider Property Data Solutions for a cash consideration of about $30 million.
• WorleyParsons Limited (A$15.40, -2.3%) won a $US400 million contract from Kuwait Oil Company to supply programme management services over five years.
• GWA Group Limited (A$2.80, -2.8%) warned it will take a $17 million hit to the carrying value of its underperforming Gliderol business.
Henry Jennings
Private Client Advisor
BBY Limited
Participant of the Australian Securities Exchange
Authorised and Regulated by the Financial Services Authority
Level 17, 60 Margaret St
Sydney NSW 2000
D +61 2 9226 0067
M +61 414 345 137
E hcj@bby.com.au
W www.bby.com.au
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