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Market Update

Australian Markets Participate in Asian Rally

Author: Marcus Jacob
Last Update: 11:05 AM ET September 10 2013

5:00 PM Sydney, Australia Australian stocks closed higher and business confidence index gained in anticipation of election results. Tabcorp won an extension of a gambling license for 20 years. Santos acquired 60% stake in a wet gas project and committed investment to accelerate commercialization.

Australian stocks traded on a regional rally that lifted market indexes in China, India and Japan.

The ASX index gained 36.5 or 0.7% to 5,181.50 and the broader All Ordinaries Index added 35.4 or 0.7% to 5,179.40.

Market indexes in Tokyo extended gains for the second day by 1.5%, Hang Seng Index advanced 1% and the Sensex index in India soared 3.8%.

Markets in China rallied on better than expected exports and imports data and benign inflation and Tokyo market indexes gained on the Olympic win.

Locally, business showed higher enthusiasm after the latest Federal Elections results and on expectations that a clarity on taxes and business friendly framework will provide a better climate for investments.

The latest confidence survey from National Australian Bank showed the index increased to 6 in August from -3 in July in anticipation of a change in government.

Stocks in Review

Drillsearch Energy Limited and Santos Limited finalized the agreement in the Western Cooper Wet Gas Project. Santos will acquire 60% in the project and has agreed to invest to accelerate commercialization of wet gas.

Drill Search increased 0.7% to $1.37.

IRESS said U.K. regulator approved its purchase of financial services software developer Avelo FS Holdings.

Tabcorp Holdings Limited increased 1.3% to $3.20 and the company won an extension for fixed-odd gambling license in retail setting as a sole provider for 20 years to 2033 and paid $75 million for the extension.

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