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Market Update

Australian Indexes Drop 0.8%, Westpac to Raise $750 Million

Author: Marcus Jacob
Last Update: 10:25 AM ET May 07 2014

5:00 PM Sydney Australian market indexes closed down 0.8% and Aussie dollar gained in light trading. Westpac Banking plans to raise $750 million. ASX third-quarter net increased 10%. Amcor to acquire Indonesia based packaging company for $27 million.

Australian stocks dropped 1% in the morning trading and managed to trim some of the losses at close after resource stocks and banks led the decliners.

Australian dollar closed higher at 93.45 U.S. cents and stock market trading turnover climbed to 711 million shares worth $4.27 billion.

The ASX 200 index slipped 45.60 or 0.8% to 5,435.80 and the broader All Ordinaries fell 43.60 to 5,419.10.

Stavely Minerals Limited priced its initial offering at 20 cents a share and opened on the first day of trading at 22 cents and closed at 21 cents.

The copper and other minerals explorer listed its shares on the ASX and raised $6.1 million.

Stocks in Review

Rio Tinto slumped 90 cents to $60.60. BHP fell 49 cents to $37.17. Woodside Petroleum Limited slid 0.6% to $41.

Westpac Banking Corp decreased 19 cents to $34.50 and the bank plans to raise about $750 million in a capital notes offer for a price of $100 each and scheduled to convert into ordinary shares in 2024.

Amcor Limited fell 0.8% to $10.24 after the Australia-based packaging company agreed to acquire Indonesia-based Bella prima Packaging, a maker of flexible packaging for $27 million.

ASX Limited rose 0.4% to $35.49 after the integrated trading exchange operator reported revenue in the third-quarter ending in jumped 6.8% to $488.4 million from $457.1 million a year ago.

Net profit in the quarter climbed 10% to $286.9 million compared to $260.7 million a year earlier.

In a regulatory filing, the company said capital raised through listings in the nine-month period surged 32% to $44.4 billion.

The exchange operator said capital expenditure for the nine-month period was $28.3 million and is on track to spend between $40 million and $45 million for the full-year.

Wesfarmers Ltd fell 0.9% to $42.89 and the department stores operator inched closer the sale of its insurance underwriting business to Insurance Australia Group Limited for $1.85 billion after New Zealand regulators approved the deal.

Westfield Group slid 0.09% to $10.63 ahead of shareholder meeting on May 29 and investors are expected to vote on the $70 billion restructuring approval.

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