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ASX Closer to 6000 Despite Weak Global Markets

ASX Closer to 6000 Despite Weak Global Markets
Mar 24, 2015

The ASX was up 13pts, or .2 per cent, at 5969.1pts today. Australian shares were looking strong in the morning before retreating around noon after weak Chinese manufacturing data was released. The market rallied in the late afternoon and closed just 30.9pts below the 6000pts mark. All sectors were up, with the exception of Info Tech. The Materials sector led the way and was up .64 per cent. The international markets didn’t perform very well, with the exception of the FTSE 100 which was up .22 per cent. The Dow Jones and S&P 500 were negative, falling .06 and .17 per cent respectively. The DAX was down 1.19 per cent.

Kathmandu Holdings Limited (ASX:KMD) was down 19.5c, or 12.42 per cent, at $1.38 per share. The outdoor clothing and equipment retailer reported a significant profit loss after disappointing sales.

New Hope Corporation (ASX:NHC) was up 7c, or 2.82 per cent, at $2.55 per share. New Hope announced a $23.1m first half net loss. Despite the losses, the company also announced a plan to use significant cash reserves to expand their coal assets.

Woodside Petroleum (ASX:WPL) was down 12c, or .34 per cent, at $35.41 per share. The company announced that it will be cutting 300 jobs and freezing pay due to expenditure cuts.

Qantas Airways (ASX:QAN) was down 5c, or 1.65 per cent, at $2.99 per share. Shares of QAN are down as the ACCC is posed to deny the China Eastern-Qantas joint venture.

TPG Telecomm (ASX:TPM) was up 31c, or 3.5 per cent, at $9.14 per share. Despite growing opposition to TPG’s acquisition of iiNet, the share price of the company has continued to rise after the acquisition was announced.

 

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