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Market Update

Australian Indexes Extend 2-week Advance, CSL and Novartis in Vaccine Deal

Author: Marcus Jacob
Last Update: 9:46 AM ET October 27 2014

5:30 PM Sydney – Australian market indexes extended 2-week advance and banks were in focus ahead of quarterly results. Crude oil eased and the Aussie dollar gained against the U.S. dollar. CSL Limited agreed to acquire flu vaccine business of Novartis for $297.4 million.

Australian stocks traded higher and extended two-week gain and banks were in focus.

ANZ Banking Group entered into a trading halt until Wednesday and the bank is scheduled to release earnings on Friday. National Australia Bank is expected to release earnings on Thursday and Westpac’s results are due on next Monday.

Australian dollar strengthened to 88.13 U.S. cents and in stock-trading turnover slid to 702 million shares worth $4.25 billion.

ASX 200 Index jumped 46.80 or 0.9% to 5,459 and broader All Ordinaries Index rose 42.60 to 5,441.90.

In commodities trading, gold rebounded $1 to US$1,231 an ounce.

Light crude oil decreased $1.03 to US$81.01 a barrel.

Australian Stock Movers

Amcom Telecommunications Limited surged 12.4% to $2.09 after the communications company received offer from Vocus Communications Ltd to acquire 10% interest in the company. Terms of proposal were not disclosed.

CSL Limited gained 0.8% to $76.28 after the biopharmaceutical company agreed to acquire influenza vaccine business of Novartis for $297.54 million or US$275 million.

The transaction is expected to close in the second-half of 2015.

Cash Convertors International Limited soared 9% to $1.09 after the second hand goods retailer reported revenue in the first-quarter climbed 26% to $97.23 million from $77.04 million a year ago period.

Net profit in the quarter surged 76.4% to $7.72 million compared to $4.38 million in the same period a year ago.

Japara Healthcare Limited climbed 3.3% to $2.48 after the assisted living facilities provider agreed to acquire 2,800 square meter site in Glen Waverley, Victoria for $3.35 million.

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