5:30 PM Sydney, Australia – Australian market indexes soared more than 2% following an Asia-wide rally. In active trading, banks and resource stocks led gainers. Home loans approval increased less than expected 0.3% in July.
Australian stocks surged following Asia-wide rally and resource stocks led the gainers.
Markets in Asia were generally higher and the reference index Nikkei in Tokyo surged to register largest one-day gain since the global financial crisis six years go.
The seasonally adjusted total number of home loans issued in July rose 0.3% to 52,696 from 4.4% jump in June.
Total value of loans increase eased to 2.2% to $19.23 billion compared to 5.5% jump in the previous month, the Australian Bureau of Statistics reported.
Australian dollar closed at 70.54 U.S. cents and in stock trading turnover soared to 1.01 billion shares worth $6.8 billion.
At close, the ASX 200 Index jumped 105.90 or 2.1% to 5,221.10 and the broader All Ordinaries Index increased 103.40 to 5,236.90.
In commodities trading, gold added US$3 to US$1,124 an ounce and Brent crude future for immediate month delivery edged up 0.08 cents to US$49.60 a barrel.
soared 13% to 23 cents after the software services provider priced its stock at 20 cents.
The stock opened at 22 cents and closed at 23 cents.
Australian Stock Movers
3P Learning Ltd
declined 5.6% to $1.87 after the online educational programs operator agreed to acquire 23.07% stake in the Ireland-based Learnosity Holdings Limited for about US$19.4 million.
3P also added it plans to lift its stake to 40% before May 2016.
ASG Group Limited
soared 4.1% to 89 cents after the IT management and consulting services provider secured new contract worth about $9 million from the Victoria Department of Education and Training for two year with options of one year extensions.
Cimic Group Ltd
jumped 3.2% to $24.31 after the engineering construction company awarded a contract with the Victoria Government to design and construction of four of Melbourne’s level crossing removals with an estimated cost of $481.2 million.