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Market Update

Australian Indexes Gain 0.5%, David Jones Shareholders Approve Merger

Author: Marcus Jacob
Last Update: 12:23 PM ET July 14 2014

5:00 PM Sydney Australian indexes advanced in thin trading dominated by small cap stocks. Aussie dollar held firm and investors turned optimistic ahead of earnings season this week. Shareholders approved David Jones merger with South Africa based Woolworths Holdings.

Australian stocks closed higher in thin trading and the Aussie dollar held firm below 94 cents to a dollar.

Market indexes in Sydney rebounded on the first day of week and Asian markets also gained ahead of earnings season this week in the region.

Australian dollar closed at 93.97 U.S. cents and stock trading turnover dropped to 508 million shares worth $2.73 billion.

ASX 200 index gained 24.60 or 0.5% to 5,511.40 and the broader All Ordinaries rose 22.20 to 5,495.80.

Stocks in Review

Astro Japan Property Group closed unchanged at $4.11 after the property developer forecasted underlying profit after-tax for the year in the range of $26.8 million to $27.2 million compared to $28.8 million a year earlier.

David Jones Limited jumped 1.3% to $3.98 after the stock resumed from trading halt, and shareholders approved takeover offer from South African retailer Woolworths Holdings worth $2.2 billion.

Karoon Gas Australia Limited climbed 2.8% to $3.34 after the gas explorer contracted a rig for a Santos basin drilling campaign.

The company also refused the reports that its plan on a share buyback.

Norton Gold Fields Limited declined 4.2% to 11.5 cents after the gold producer agree to acquire remaining stake of 50.95% in U.K.-based Bullabulling Gold Ltd in a cash offer of AUD0.08 per share.

Woodside Petroleum Limited slid 0.4% to $41.31 after the oil producer agreed to acquire 70% of the stake in Beach Energy''s exploration project in Tanzania.

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