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Market Update

Australian Indexes Extend Weekly Gain, Bradken Rejects Takeover Offer

Author: Marcus Jacob
Last Update: 9:57 AM ET April 10 2015

5:30 PM Sydney Australian market indexes extended weekly gains and Aussie dollar closed unchanged. Seasonally adjusted home loans approvals in February increased 1.2% from the previous month. Bradken rejected the latest takeover proposal.

Australian market indexes extended gain in 4-day week and resource stocks led the gainers.

On the economic front, seasonally adjusted home loans approvals in February jumped 1.2% to 53,614 from the previous month, Australian Bureau of Statistics said.

The share of first-time home buyer as a percentage of total residential loans rose to 13.7% in February from 13.6% in January 2015.

Australian dollar closed at 76.87 U.S. cents and in stock trading turnover declined to 495 million shares worth $3.5 billion.

At close, the ASX 200 Index gained 36.20 or 0.6% to 5,968.40 and the broader All Ordinaries Index increased 33.90 to 5,935.40. For the week, ASX 200 rose 0.7%.

In commodities trading, gold added US$1 to US$1,196 an ounce and Brent crude edged up 0.04 cents to close at US$56.61 a barrel.

Australian Stock Movers

Altium Limited soared 5% to $4.79 after the software developer for electronic products reported revenues in the third-quarter ending in March soared 10% to US$18.5 million from US$16.8 million in a year ago period.

The company said cash balance jumped 5% to US$61.9 million from US$59.1 million in second-quarter.

Bradken Limited jumped 3.9% to $2.40 after the mining engineering services provider rejected takeover offer of $2.50 cash per share from a private equity consortium.

Woodside Petroleum Limited climbed 2.3% to $34.90 after the oil and gas explorer completed agreement worth US$2.75 billion to acquire Australian Wheatstone LNG and Balnaves oil interests and Kitimat LNG project interests in Canada from the U.S.-based Apache Corporation.

Wesfarmers Ltd gained 1.6% to $44.40 after the supermarket retailer Coles unit was ordered by a federal court to pay $2.5 million for misleading freshness label on breads.

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