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Market Update

Australian Indexes in Mild Rebound, Dexus and Stockland in Tower Deal


Author: Marcus Jacob
ticker.com
Last Update: 9:29 AM ET June 22 2015

5:30 PM Sydney – In below average trading, ASX 200 index turned corner in the afternoon to close higher. A2Milk Company said it has received a takeover offer from an associated party. Dexus Property agreed to acquire 50% stake in an office tower in the central area in Brisbane.

In subdued trading, market indexes in Sydney opened lower following weak international markets but managed to advance in the afternoon trading.

Australian dollar closed at 77.90 U.S. cents and in stock trading turnover dropped to 665 million shares worth $3.9 billion.

At close, the ASX 200 Index rose 13.20 or 0.2% to 5,610.20 and the broader All Ordinaries Index gained 11.60 to 5,603.10.

In commodities trading, gold fell US$5 to US$1,197 an ounce and Brent crude rose 0.12 cents to close at US$63.14 a barrel.

IPO

AirXpanders, Inc closed flat at 51 cents after the medical devices maker priced its stock at 50 cents.

The stock opened at 51 cents and closed unchanged at 51 cents.

Australian Stock Movers

DEXUS Property Group jumped 2.8% to $7.74 after the real estate developer agreed to acquire 50% stake in the Waterfront Place office tower and Eagle Street Pier in Brisbane’s central business district for about $635 million from Stockland Limited.

Macmahon Holdings Limited closed unchanged at 0.048 cents after the mining services provider forecasted additional impairments for the year for the value of equipment and inventory assets between $95 million and $125 million.

Recall Holdings Ltd slipped 1.5% to $7.12 after the data protection service provider unanimously rejected a non-binding proposal of US$3.9 billion from the U.S.-based Iron Mountain Inc.

Under the terms, shareholders will receive a cash and shares of Iron Mountain of A$7 per Recall share.

Seek Limited plunged 12.3% to $14.47 after the job search group lowered operating profit estimate for the full-year between $31 million and $33 million or near to first-half but estimated strong revenue growth.

The company said results are expected to be weaker-than-expected because of its education division TAFE New South Wales, the largest vocational training provider.

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