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Market Update

Australian Indexes Surge 1%, Miners Quarterly Output Fall on Weather

Author: Marcus Jacob
Last Update: 10:48 AM ET April 23 2013

6:30 PM Sydney Australian indexes advanced on a rally in resource, consumer and financial sector stocks. The latest manufacturing survey in China indicated showed slower than expected increase in growth rate. Wesfarmers and Evolution Mining Limited reported quarterly production decline.

Australian stocks traded higher after a rally in consumer, energy and financial stocks.

The latest private survey from China indicated stable manufacturing industry output but outlook for exports remained weak.

The ASX 200 index jumped 49.60 or 1% to 5,016.20 and the broader All Ordinaries increased 47.20 to 5,002.60.

Australian dollar closed up $1.023 and in stock trading, turnover decreased to 792 million shares valued at $4.5 billion.

Stock Movers

Rio Tinto slipped $1.28 to $53.84 and BHP fell 36 cents to $31.36. Fortescue Metals Group slid 5 cents to $3.77.

Woodside Petroleum surged $3.36 or 9.7% to $37.96 after the board approved 63 cents a share dividend payable on May 29.

Santos rose 36 cents to $11.91.

Wesfarmers Limited increased 2.8% to $43.04 and the coal miner said coal output at its Curragh mine in Queensland declined 15.2% to 2.26 million tons in the quarter, down from 2.594 million tons in the period a year ago.

Newcrest Mining dropped 56 cents to $16.45 and the gold miner said it plans to cut as many as 150 jobs and may close some operations after the latest dip in gold prices.

Kingsgate up 1 cent $2.58 and Whitehaven Coal slumped 5 cents to $1.92.

David Jones Limited rose 7 cents to $3.03 and Breville Group added 2 cents to $6.75. Billabong slid 1 cent to 48 cents.

Woolworths jumped 59 cents to $35.98. Kathmandu closed unchanged at $1.96.

Harvey Norman soared 16 cents or 5.9% to $2.86 after the furniture retailer said third quarter sales increased 0.6% to $1.28 billion.

Toll Holdings gained 10 cents to $5.62, Leighton added 10 cents to $19.04 and Mirvac Group up 3 cents to $1.74. Lend Lease rose 7 cents to $10.39.

Westpac increased 39 cents to $31.71, Commonwealth added 1% to $70.01 and National Australia Bank rose 1.4% to $32.07 and ANZ climbed 68 cents to $29.25.

Macquarie Group jumped 45 cents to $37.05 and Wesfarmers advanced $1.17 to $43.04.

Nufarm fell 4 cents to $4.05 and Linc Energy surged 10 cents or 5.1% to $1.95.

Qantas Airways Limited increased 1.9% to $1.81 and the competition regulator said it will not oppose the proposed merger between Virgin Australian Holdings and Tiger Airways.

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