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Market Update

Australia Pins Hope on Global Recovery

Author: Marcus Jacob
Last Update: 11:42 AM ET July 22 2014

5:00 PM Sydney, Australia – Australian stocks gained in thin trading after comments from RBA. Aussie dollar advanced and Governor Glenn Stevens focused on global reforms to accelerate Australian economic growth.

Stocks in Sydney closed higher in thin trading and investors focused on widely anticipated comments from the Reserve Bank of Australia.

Governor Glenn Stevens focused on the role of larger economies in accelerating Australian growth and suggested global reforms.

Stevens also pinned the future economic growth on global economic recovery and rising imbalances between importing and exporting nations but did not comment directly on the Aussie dollar and health of the Australian economy.

After the comments the Aussie dollar spiked up. Australian dollar closed at 93.90 U.S. cents and stock trading turnover increased to 659 million shares worth $3.75 billion.

ASX 200 index edged up 3.40 to 5,543.30 and the broader All Ordinaries rose 5.30 to 5,534.

Stocks in Review

Oil Search Limited rose 0.4% to $9.54 after the oil and gas explorer reported revenue in the second-quarter ending in June climbed 65.8% to US$339.7 million from US$204.9 million a year ago.

Sale of natural gas jumped to US$93.9 million from US$19.2 million a year earlier.

Energy production that includes oil and natural gas jumped to 3.69 million barrels of oil equivalent during the June quarter from 1.63 million barrels a year ago period.

Macquarie Atlas Roads Limited gained 0.6% to $3.39 after the toll roads, bridges and tunnels operator said toll roads revenue in the second-quarter ending in June climbed 4.2% from the prior corresponding period.

Total revenues in the quarter on Paris-Rhin-Rhône rout jumped 3.1% to €5.38 billion from a year ago.

Revenue from Virginia and Illinois roads in the U.S. climbed 6.5% to $230 million and 1.8% to $227 million and from Indiana soared 7.2% to $580 million.

Transfield Services Limited declined 2.6% to $1.33 after the outsourcing and infrastructure development service provider secured contract extensions in the social services sector worth $145 million with Austin Health in Victoria, initially for five years with the option to extend three years.

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