5:30 PM Sydney – Australian indexes reversed earlier losses and closed up 1%. Building approvals in May decreased more than expected 1.1%. New vehicles sales in June increased seasonally adjusted 5.8% to 118,758 units.
Australian stocks opened lower but reversed earlier losses and closed up 1% at close.
The ASX 200 index increased 50.60 or 1.1% to close at 4,794.70 and the broader All Ordinaries gained 53.20 to 4,781.
New vehicles sales in June soared to a record high reported total vehicle sales rose 5.8% to 118,758 from May and increased 5.5% compared to a year ago month.
Building approvals declined more than expected 1.1% in May from April, the Australian Bureau of Statistics said today.
Australian dollar fell to a new 34-month low to 91.16 U.S. cents and in stock trading turnover plunged to 579 million shares worth $2.9 billion.
Stocks in Review
Rio Tinto jumped 67 cents to $52.17 and BHP rose 17 cents to $31.22. Woodside Petroleum Limited gained $1.02 to $35.64.
David Jones Limited slid 2 cents to $2.51 and Breville Group rose 14 cents to $7.16.
Woolworths increased 18 cents to $32.45.
Mirvac Group added 3 cents to $1.63. Lend Lease climbed 24 cents to $8.71.
Westpac advanced 26 cents to $27.93, Commonwealth fell 0.1% to $68.47 and National Australia Bank up 0.5% to $28.87. ANZ increased 32 cents to $28.19.
AMP Limited rose 0.5% to $4.25 after the wealth management agrees to acquire 42% stake in second-largest electricity and gas distributor of New Zealand Powerco Co Ltd for $450 million.
Crown Limited jumped 2.2% to $12.21 after the casino operator won approval to proceed a plan to build $1 billion a six-star hotel and casino at Barangaroo in Sydney after 2019.
Rex Minerals Ltd dropped 1.9% to 51.5 cents after the minerals explorer reached an agreement with a Chinese option for $550 million in debt fund to contribute the $800 million copper project development in South Australia.
Western Areas Limited climbed 6.1% to $2.80 after the nickel mining posted boosted its full-year guidance and lifted full-year outlook from its earlier guidance of May. Sales in June excelled record to 27,819 tons.
Whitehaven Coal Limited increased 1.8% to $2.28 after the coal producer secured final approval to build Maules Creek project in New South Wales valued at $767 million.