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Market Update

Australian Indexes in 6-Day Rally, Dollar Drops Again

Author: Marcus Jacob
Last Update: 9:58 AM ET July 21 2015

5:30 PM Sydney Ė Australian market indexes advanced for the sixth day in a row and gold traded near a five-year low. Australian dollar edged dropped to a six-year low and Reserve Bank focused on improving business conditions in its latest minutes of meeting.

Australian market indexes advanced for the sixth day in a row and the Aussie dollar contracted.

Reserve Bank of Australia in its latest minutes of meeting focused on improving business conditions despite the business investment contraction.

Australian dollar closed at 73.47 U.S. cents and in stock trading turnover increased to 624 million shares worth $4.1 billion.

At close, the ASX 200 Index rose 19.80 or 0.3% to 5,706.70 and the broader All Ordinaries Index gained 19.50 to 5,688.50.

In commodities trading, gold dropped US$11 to US$1,102 an ounce and Brent crude edged down 0.08 cents to close at US$56.57 a barrel.

Australian Stock Movers

Echo Entertainment Group Ltd gained 0.6% to $4.87 after the casino operator secured the right to develop a new $2 billion casino and resort at Queenís Wharf in Brisbane.

OZ Minerals Limited slipped 1.6% to $3.75 after the mining company said production of copper in the second-quarter ending in June surged 50% to 32,991 tons but production of gold fell significantly to 24,790 ounces.

As of June 30, the company had a cash balance of about $410 million.

Oil Search Limited jumped 3.9% to $7.22 after the oil and gas producer said total production in the second-quarter climbed 7% to 7.41 million barrels of oil equivalent, 40% ahead of the same period a year ago.

The company added total revenues in the quarter declined 17% to $391.5 million from $472.3 million in the first-quarter but soared 15.2% from $339.7 million in a year ago period.

The oil and gas producer lifted its full-year production guidance.

Treasury Wine Estates Ltd increased 1.1% to $5.59 after the wine maker divested its U.S.-based Asti Winery, Souverain brand and vineyard assets in California to E. & J. Gallo Winery.

The company recognise a pre-tax loss of about $10.2 million for the transaction.

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