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Market Update

Australian Job Vacancies Fall, Sonic Healthcare to Buy Germany Based Labco

Author: Marcus Jacob
Last Update: 8:55 AM ET September 26 2013

4:445 PM Sydney – Australian job vacancies declined 3.7% in the quarter to August. Australian market indexes rebounded in the afternoon traded and closed below 1% of its five-year high reached last week. Sonic Healthcare acquired Germany based Labco for $110 million.

Australian stocks traded volatile and in thin trading market indexes shrugged off early morning decline to rebound in the afternoon.

The ASX 200 index increased 19 points to close at 5,295 and 544 million shares changed hands worth $3.6 billion.

Australian dollar fetched 93.83 U.S. cents and gold closed at US$1,332 an ounce and light crude oil future for immediate month delivery increased 47 cents to US$102.61.

Australian job vacancies in the quarter to August declined 3.7% to 137,900 on a 4.1% fall in private sector job vacancies, the Australian Bureau of Statistics said in a report today.

Stocks in Review

APN Property Group Limited agreed to merge with one of the funds controlled by Australand Fund Management.

Ansell Limited agreed to acquire Korea controlled industrial gloves maker Midas Co for US$41 million.

Crown Limited increased 0.2% to $15.56 and the casino operator Chairman James Packer said that management will focus on domestic properties and lower operating costs.

Sonic Healthcare Limited increased 1.2% to $15.94 and the pathology and radiology service provider agreed to acquire Germany based Labco for $110 million.

Labco revenues in 2012 were $77.1 million.

Whitehaven Coal Limited said a Federal Court has rejected an application from an environmental group preventing the company to begin work on its Maules Creek project in New South Wales.

Warrnambool Cheese & Butter Factory’s Co directors rejected the latest unsolicited offer from Bega Cheese Limited and deemed the proposal inadequate and does not reflect the fair price.

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