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Market Update

Australian Dollar Gains, Market Indexes Trim Losses

Author: Marcus Jacob
Last Update: 9:42 AM ET April 08 2014

5:00 PM Sydney Australian stocks opened lower following the weak market closes in Europe and New York and trading volume was near the low in the year so far. Australian dollar edged higher. Affinity Education Group Limited proposed to acquire a portfolio of centers for $80 million.

Australian stocks declined at the opening after market indexes closed lower in the U.S. and Europe. The indexes recovered most of the losses by close but banks and resource stocks traded weak. Overall trading volume was near the low in the year so far.

Australian dollar closed at 92.95 U.S. cents and stock market trading turnover jumped to 604 million shares worth $3.5 billion.

The ASX 200 index slid 3.10 to 5,410.60 and the broader All Ordinaries fell 6.90 to 5,409.20.

Stocks in Review

Rio Tinto rose 55 cents to $64.50 after the miner will exit from the Canada-based Northern Dynasty, the biggest copper mines with its minority interest to two local Alaskan companies.

BHP added 14 cent to $37.88. Woodside Petroleum Limited increased 6 cents to $38.90.

Westpac Banking Corp slid 2 cents to $34.46.

Affinity Education Group Ltd closed unchanged at $1.34 after the education services provider proposed acquisition of 51 centres for $80 million, through a combination of $65 million in cash and about $15 million in shares.

SP AusNet slid 0.4% to $1.30 after the diversified energy infrastructure developer lost its appeal against $86.7 million disputed tax amended assessments with the Australian Taxation Office.

Genworth Financial Inc., the U.S.-based insurer and broker plans to sell as much as 40% of its Australian insurance business through an initial public offering in the first-half of this year.

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