5:30 PM Sydney, Australia – Australian market indexes rebounded on the back of higher closing in international markets. However, weaker commodities prices dampened the mood. NAB completed the divestment of its stake in the U.S. based Great Western Bancorp and booked a loss.
Australian market indexes traded higher on the back of higher closings in international markets and muted volatility in Shanghai.
However, commodities and energy prices drifted lower and traders looked for new bottom for oil and gold.
Australian dollar closed at 73.21 U.S. cents and in stock trading turnover fell to 728 million shares worth $4.5 billion.
At close, the ASX 200 Index gained 39.50 or 0.7% to 5,624.20 and the broader All Ordinaries Index increased 38.60 to 5,609.60.
In commodities trading, gold added US$1 to US$1,098 an ounce and Brent crude slid 0.16 cents to close at US$53.01 a barrel.
closed unchanged at 50 cents after the online marketing profile developer priced its stock at 50 cents.
The stock opened and closed at 50 cents.
Australian Stock Movers
Gazal Corporation Ltd
soared 8% to $2.69 after the branded apparel retailer agreed to sell its stake in off-price retailer Trade Secret to the U.S.-based apparel and home fashions retailer TJX Companies, Inc for about $80 million.
The transaction is expected to close by the end of this year.
MMA Offshore Ltd
jumped 3.9% to 52.5 cents after the marine logistics services provider said it will take a $120 million impairment charge due to the low oil price and the value of its vessel fleet that was earlier valued at $884 million.
National Australia Bank Ltd
gained 0.9% to $34.17 after the bank had completed total divestment of its U.S.-based subsidiary Great Western Bancorp, Inc. following the sale of 16.49 million shares or approx 28.5% stake valued about $1.46 billion representing a loss of $396 million.
Virgin Australia Holdings Ltd
gained 1.1% to 45 cents after the airline company forecasted full-year net loss narrowed to $93.8 million compared to $355.6 million a year ago.
The group incurred restructuring and transaction costs and the impact of ineffective hedges to $24.9 million.
Tigerair a unit of Virgin reported net loss in the fourth-quarter ending in June narrowed to $9.8 million from $25.8 million in the same period a year ago.