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Market Update

Australia Extends 8-Day Rally Gains

Author: Marcus Jacob
Last Update: 7:42 AM ET December 29 2015

4:30 PM Sydney ASX 200 index extended gains for the eight session in a row. Australian Dairy Farms Group acquired privately-owned Camperdown Dairy Farms for $11 million in cash. Australian Pacific Coal Ltd acquires 83.33% in Dartbrook mine from Anglo American.

The Australian market indexes extended gains for the eighth day in a row in the last week of trading and volume was thin.

Traders bid up stocks on the holiday sales expectations and the growing confidence in the banking sector helped to offset the weakness in the resource sector.

The Australian dollar rose to 72.66 U.S. cents, while stock trading turnover was 448 million shares worth $3 billion.

At the market close, the ASX 200 Index jumped 59.70 or 1.2%, to 5,267.30 and the broader All Ordinaries Index increased 59.50 to 5,315.60.

In commodities trading, gold slid US$2 to US$1,072 an ounce and Brent crude future for immediate month delivery edged up 7 cents to US$36.69 a barrel.

Australian Stock Movers

Adelaide Brighton Ltd advanced 2.2% to $4.76 after the construction materials producer completed the sale of two properties for about $48 million.

Australian Dairy Farms Group soared 127.6% to 33 cents after the fresh milk producer unveiled plans to buy privately owned processor Camperdown Dairy Farms for about $11 million in cash from online grocery delivery Aussie Farmers Direct.

The company had already acquired six farms in south-west Victoria, including five operational dairy farms and one complementary fodder and calf-rearing property.

Australian Pacific Coal Ltd surged 33.3% to 0.02 cents after the mining magnate Nathan Tinkler agreed to acquire 83.33% stake in Dartbrook mine in the Hunter Valley from Anglo American.

The coal miner plans to raise up to $30 million through a share placement and to produce five million tons per year.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc