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Market Update

Australian September Quarter GDP Expands 0.3%

Author: Marcus Jacob
Last Update: 11:34 AM ET December 03 2014

5:30 PM Sydney – Australian market indexes rebounded from the early weakness and closed 0.8% higher despite the weakness in resource prices and in the economic growth. September quarter GDP growth was less than expected 0.3%. Aussie dollar edged down.

Australian market indexes rebounded despite the weakness in resource prices and weaker than anticipated expansion in the September quarter GDP growth.

Australia’s Gross Domestic Product increased 0.3% after adjusting for season factors in the third-quarter ending in September, Australian Bureau of Statistics reported today.

Economists expected GDP in the third-quarter to increase 0.7% after a 0.5% growth in the second quarter.

In another report, the Australian Industry Group announced services index in November edged up only 0.2 points from October to 43.8 and the PMI index narrowed from 43.6 in October.

Australian dollar closed at 84.03 U.S. cents and in stock-trading turnover slipped to 775 million shares worth $4.61 billion.

ASX 200 Index increased 40.50 or 0.8% to 5,321.80 and broader All Ordinaries Index gained 41.20 to 5,301.20.

In commodities trading, gold jumped US$48 to US$1,200 an ounce and light crude oil declined $2.12 to US$66.88 a barrel.

Australian Stock Movers

Ten Network Holdings Limited plunged 6.2% to 22.5 cents after the television and entertainment service provider said it received buyout offers from ""a number of parties.""

In a statement, the company said it has retained Citigroup to help decide ""non-binding, conditional proposals from a number of companies.”

Toyota Motor Corporation Australia Limited, the automaker plans to consolidate its corporate activities in Melbourne from Sydney.

[Suncorp Group Limited edged up 0.07% to $14.39 and the insurance company received total 24,500 home, motor and commercial claims from the unusual storm estimated to cover almost half of total fund that company set aside in provisions for natural hazards for the fiscal 2015.

Chief executive Patrick Snowball said “Suncorp makes provisions for natural hazards and has an allowance of $595 million for events in the 2015 financial year and now assessing about 100 home claims and up to 1,200 vehicles per day across Brisbane.”

Woolworths Limited gained 2.2% to $30.90 after food and liquor retailer agreed to acquire China-based Summergate Fine Wines and Spirits, a beverage distributor representing about 80 global brands.

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