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Market Update

Australian Indexes Advance, Qantas Redeploys Western Assets

Author: Marcus Jacob
Last Update: 12:43 PM ET October 23 2015

5:30 PM Sydney, Australia Australian market indexes closed higher and the ASX 200 index jumped 1.5% for the week. Qantas Airways plans to reduce capacity and adjust cost base in Western Australian market as the mining boom unwinds. OZ Minerals lifted copper production outlook.

Australian market indexes traded higher and for the week closed in a positive zone on the back of advances in international markets.

Australian dollar closed at 72.48 U.S. cents and in stock trading turnover gained to 841 billion shares worth $5.2 billion.

At close, the ASX 200 Index jumped 87.80 or 1.7% to 5,351.60 and the broader All Ordinaries Index increased 88.50 to 5,388.10.

For the week, ASX 200 increased 1.5%.

In commodities trading, gold rose US$2 to US$1,169 an ounce and Brent crude future for immediate month delivery added 40 cents to US$48.48 a barrel.

Australian Stock Movers

Amalgamated Holdings Limited soared 4.9% to $14.18 after the cinema theatres and hotels operator said net profit in the first-quarter ending in September surged 37.2% to $64.3 million from a year ago period.

AMP Limited increased 2.2% to $5.95 after the retail bank and investment manager said net cash flows in the third-quarter ending in September dropped to $241 million from $476 million in the same period a year ago.

However, asset under management in the quarter slipped 3% to $111.1 billion from $114 billion in second-quarter but jumped 6% to $105.2 billion in the same period a year ago.

Beach Energy Ltd jumped 3% to 68.5 cents after the oil and gas explorer agreed to acquire smaller rival Drillsearch Energy Ltd in an all-stock deal to form $1.17 billion energy group, the biggest domestic onshore oil producer and a significant natural-gas supplier.

Drillsearch Energy Ltd stock surged 25.9% to 82.5 cents.

CIMIC Group Limited gained 2.3% to $26.50 after the engineering construction company and the Habtoor Leighton Group secured contract worth about $181 million in Dubai.

OZ Minerals Limited surged 5.6% to $4.17 after the mining company said total copper production in third-quarter jumped 28% to 33.52 metric tons from previous quarter while gold production declined to 23,817 ounces from 24,790 ounces in the second-quarter.

The miner lifted its full-year copper output forecast to between 126,000 tons and 131,000 tons from the earlier estimated range of 110,000 tons to 120,000 tons.

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