5:00 PM Sydney – Australian indexes jumped 1% and the Aussie dollar edged near 94 U.S. cents. David Jones received an unsolicited offer from South Africa based retailer and Myer Holdings withdrew its offer.
The Australian market indexes rose 1% and reached a five-year high in a broad rally that lifted stocks across all sectors. Also, Aussie dollar edged up near 94 U.S. cents.
The Australian Bureau of Statistics reported home loans granted in February jumped 2.3% to 52,460 valued to $27.64 billion.
The report also showed that total amount loaned increased 2.9% to $27.64 billion and loans for investment housing increased 4.4% but loans to first time home buyers declined 12.5%.
Australian dollar closed at 93.67 U.S. cents and stock market trading turnover climbed to 848 million shares worth $5 billion.
The ASX 200 index jumped 53.20 or 0.9% to 5,463.80 and the broader All Ordinaries climbed 51.10 to 5,460.30.
Stocks in Review
Rio Tinto gained 64 cents to $65.14. BHP jumped 52 cent to $38.40. Woodside Petroleum Limited jumped 1% to $39.31.
Westpac Banking Corp increased 24 cents to $34.70.
David Jones Limited
surged 22.6% to $3.91 after the department store operator agreed to a takeover offer from South Africa-based Woolworth Holdings Ltd for about $2.15 billion.
Dart Energy Ltd
climbed 4.7% to 11 cents after the company has completed the sale of its entire stake in Xiushan shale gas project to an existing partner for a nominal consideration.
Myer Holdings Ltd
jumped 3.9% to $2.39 after the department store operator withdrew its $3 billion proposal to merge with David Jones that was originally floated in October 2013.
soared 6.9% to $16.55 after the engineering company plans to simplify its business structure. The restructuring is expected to cost $35 million and reduce overheads to boost margins from next financial year.