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Market Update

Australian Indexes Extend Weekly Gain to 1.1%

Author: Marcus Jacob
Last Update: 8:32 AM ET March 07 2014

5:00 PM Sydney – Australian market indexes gained and rose 1.1% in the week. Rio Tinto is preparing to make an offer for the remaining 49.2% stake in Turquoise Hill Resources. Israel continues to vacillate on its tax policy for natural gas exports and Woodside may drop its bid for an offshore field.

Stocks in Sydney trading closed higher and market indexes advanced at open and continued to scale higher.

Australian indexes gained more than 1% in the week on better than expected earnings, a slew of positive economic reports and higher confidence among investors. However, the weakness in the construction sector persisted.

The Australian Industry Group said Australia''s construction sector index declined to a six-month low of 44.2 in February compared to 48.2 in January.

Australian dollar jumped to 90.90 U.S. cents and stock market trading turnover declined to 736 million shares worth $4.3 billion.

The ASX 200 index rose 16.40 or 0.3% to 5,462.30 and the broader All Ordinaries increased 17.30 to 5,477.

For the week, ASX 200 gained 1.1%.

Stocks in Review

Rio Tinto added 36 cents to $64.94 and the media reports suggested that the miner is prepare to bid at $8 per share for the remaining stake of 49.2% of the Turquoise Hill Resources.

BHP rose 6 cents to $37.72.

Woodside Petroleum Limited jumped 40 cents to $38.66 and Leviathan offshore gas-field takeover could be at risk as the Ministry of Finance, Israel said unwilling to recommend taxation regime for LNG exports.

Westpac slipped 41 cents to $33.90 after the bank’s new venture Reinventure Group agreed to acquire equity stake of $5 million in SocietyOne.

99 Wuxian Ltd soared 5.9% to 36 cents after the mobile gaming company launched new mobile game platform and joint marketing initiatives.

Kimberley Diamonds Ltd slid 0.9% to $1.14 after the mining and exploration received record 17.2% increase in rough diamond sale price at $207.33 per carat auctions in Antwerp, Belgium.

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