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Market Update

Australian Auto Sales Rise 4%, Stocks Higher on China GDP Growth of 7.5%

Author: Marcus Jacob
Last Update: 9:35 AM ET July 15 2013

4:30 PM Sydney – Australian stocks closed higher and auto sales in June rose to a record high and China met economic growth expectations laid out by the government. RHG Limited accepted a revised offer from Resimac. Precious and base metals prices rose.

Stocks in Sydney closed higher and market indexes traded in a tight range in the day after auto sales in Australia surged to a record high and China reported economic growth that met expectations laid by economists.

Australian auto sales in June increased 4% to 97,687 from 93,927 in May, Australian Bureau of Statistics said in a report today.

In a separate report, the statistics agency said business finance commitment increased 2.5% to $31.75 billion in June from May and personal lending commitments decreased 3.1% to $8.08 billion.

Investors also took a positive view of the market after China reported economy expanded in June quarter at 7.5% after growing at 7.7% in the March quarter and met expectations laid out by economists.

The statistics bureau said economy expanded on the back of rising consumer spending but weak growth in manufacturing and exports held back the expansion.

Stocks in Review

RHG Limited increased 4% to 52 cents after the board accepted a revised offer from Resimac for 48 cents a share, exceeding the initial offer from Pepper Australia.

Treasury Wine Estates Limited dropped 12% after the company said it will book one-time charge of $160 million to destroy excess stock.

Gindalbie Metals Limited soared 22% after metals prices gained after China’s growth met expectations.

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