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Market Update

Australian Job Vacancies Rise to a 1-year High, Tatts Jumps on Court Decision

Author: Marcus Jacob
Last Update: 10:18 AM ET June 26 2014

5:00 PM Sydney – In a sign of growing employment, Australian job vacancies in the quarter May increased to highest in a year. Australian court delivered two different verdicts in cases involving slot machines and the Victoria State.

Australian stocks jumped and resource sector led the gainers. Supreme Court of Victoria announced two different verdicts for slot makers.

Australian dollar climbed to 94.08 U.S. cents and stock trading turnover dropped to 718 million shares worth $4.43 billion.

ASX 200 index jumped 62.30 or 1.2% to 5,464.30 and the broader All Ordinaries gained 60 or 1.1% to 5,446.80.

Job vacancies in the quarter to May increased, according to the latest data from the Australian Bureau of Statistics. The vacancies rose for the second quarter in a row.

Vacancies increased 2.6% from a year ago quarter to 147,100, the highest since the early 2013.

Monash IVF Group, the fertility treatment provider priced its public offering at $1.85 and closed at $1.90.

Stocks in Review

AGL Energy Ltd gained 2.8% to $15.61 after the competition tribunal cleared deal worth $1.51 billion to acquire Macquarie Generation, the government-owned power plants.

Aurizon Holdings Ltd increased 2% to $5.06 after the rail freight operator forecasted pre-tax write-downs for the year in the range of $352 million to $382 million after lowering the value of its assets and projects.

Tatts Group Limited jumped 4.3% to $3.12 after the Australian court ordered Victoria State to pay a $451 million plus interest as a compensation to the gambling service provider after the state liberalized the slot machine industry.

Tabcorp and Tatts had both sued the second most populous state government for the lost earnings after a 2008 ruling. The two slot machine makers claimed for lost earnings after the state in 2008 allowed hotels and clubs operators to own their own machines since 2012.

Nearly 4% or 500,000 of Australia’s adult population is considered to be gambling addicts and Australia has 200,000 slot machines, 21% of world’s total machines. The news was first reported by Reuters.

Tabcorp Holdings Limited climbed 6.2% to $3.60 after the Supreme Court of Victoria State ruled out its claimed for $690 million, as the company has sued the Victorian government for compensation on the expiry of gaming licence.

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