S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Australian Index Rebounds 1.5%, Northern Star Puts Gold Project on Hold

Author: Marcus Jacob
Last Update: 8:47 AM ET July 09 2013

5:30 PM Sydney – Australian indexes rose to a one-month high as investors shake off global worries. Yanzhou Coal Mining Company is planning to privatize its Australian listed company. Northern Start delayed its gold mining project indefinitely.

Australian stocks rebounded and resource and banking sector stocks led the gainers.

The ASX 200 index increased 72.20 or 1.5% to close at 4,881.70 and the broader All Ordinaries jumped 68.90 to 4,866.50.

Australian dollar traded near a 34-month low at 91.45 U.S. cents and in stock trading turnover climbed to 704 million shares worth $4.3 billion.

Australian business conditions worsened in June, according to a private survey conducted by NAB.

The index of business conditions declined to -8 in June from -4 in May, according to the bank statement.

Stocks in Review

Northern Star Resources Limited declined 2.5% to 61 cents and the gold miner said it has delayed indefinitely its Ashburton gold project in Western Australia.

Rio Tinto rose 40 cents to $52.04 and said inclement weather hits its West Australian iron ore production in the quarter to June.

BHP jumped 66 cents to $31.61.

Fortescue Metals Group Limited added 3 cents to $3.33 and said in a regulatory filing said “there was no capacity available to Brockman on railway which is owned by its infrastructure arm The Pilbara Infrastructure.”

The iron ore producer already cut its 2012-2013 iron ore production guidance by two million tons to 80-82 million tons.

Woodside Petroleum Limited gained 40 cents to $36.59.

David Jones Limited rose 2 cents to $2.54 and Breville Group up 11 cents to $7.30. Woolworths climbed 70 cents to $33.23.

Mirvac Group added 5 cents to $1.70. Lend Lease advanced 28 cents to $8.83.

Westpac increased 61 cents to $28.95, Commonwealth gained 1.7% to $68.99 and National Australia Bank jumped 1.9% to $29.42.

ANZ rose 53 cents to $28.66 and the bank raised $1 billion just in a week after introducing $750 million.

Alumina Limited jumped 3% to $1.03 despite its American parent Alcoa yesterday reported sharp loss of $131 million in the second quarter. Alcoa expects global demand of aluminum to pick up by 7% this year.

Atlas Iron Limited dropped 2.5% to 77.5 cents after the iron ore explorer said an agreement between small iron ore producers of Pilbara has opened the scope to find third-party transport infrastructure opportunities.

Goodman Group rose 0.6% to $4.86 after the industrial investment company raised $775 million of new equity, through its European operations and received total demand in more than required $1.3 billion. The proceeds will be used for the purchase of prime assets in key European logistics locations.

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