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Market Update

Australian Market Indexes at 5-Year High

Author: Marcus Jacob
Last Update: 9:40 AM ET September 11 2013

4:45 PM Sydney – Australian market indexes closed at a 5-year after a batch of positive economic data from China and consumer confidence index gained locally. The Australian dollar firmed. Charter Hall agreed to buy Perth based shopping center from Westfield for $225 million.

Australian market indexes closed at a 5-year high on a batch of positive economic data from China and easing worries of military strike against Syria.

The ASX 200 index gained 33 to finish 5,234 and in trading $4.8 billion worth of 858 million shares changed hands.

Gold closed at US$1,366 an ounce and immediate future of crude oil declined $2.13 to US$107.39 a barrel.

The Australian dollar gained to close at 92.94 U.S. cents.

In a private survey, the index of consumer sentiment tracked by Westpac and Melbourne Institute increased 4.7 to 110.6, a 3-year high on the rising optimism of policy change after the latest federal election and low interest rate environment.

Stocks in Review

Charter Hall REIT agreed to buy Perth based and Westfield controlled Innaloo Shopping Centre for $255 million. The deal is expected to close before the year end.

McMillan Shakespeare Limited increased 4.3% despite the salary benefits management company cautioned investors to wait for the profit guidance till annual general meeting in October.

Alcoa Inc declined 4% after the company’s U.S. parent was removed from the Dow Jones Industrial Average. Once widely popular index with a long history is increasingly ignored by institutional investors.

Qantas Airways Limited increased 2% after the Western Australian government and the airline signed a $7.7 million to market the state globally.

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