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Market Update

Australian Stock, Dollar Advance; Santos Commences Oil Production

Author: Marcus Jacob
Last Update: 9:49 AM ET May 20 2013

5:00 PM Sydney – Australian market indexes advanced and dollar gained for the first time in two weeks. Precious metals linked stocks led the decliners. Santos Limited commenced oil production at its Western Australian basis with the target of daily production of 150,000 barrels.

Australian market indexes waned in the final hour of trading and precious metals linked stocks led the decliners. The Australian dollar gained for the first time after falling for two weeks in a row.

The ASX 200 index advanced 21.20 or 0.5% to 5,209 and the broader All Ordinaries increased 25.60 to 5,185.40.

Australian dollar gained to 97.71 cents against the U.S. dollar and in stock trading turnover declined to 807 million worth $4.1 billion.

Stocks in Review

Rio Tinto rose 13 cents to $55.42 and BHP gained 38 cents to $34.79.

Woodside Petroleum Limited lowered 1 cent to $38.28.

David Jones Limited added 4 cents to $2.80 and Breville Group up 12 cent to $7.33. Woolworths increased 3 cents to $34.43.

Mirvac Group added 1 cent to $1.78. Lend Lease jumped 13 cents to $10.60.

Westpac climbed 44 cents to $31.79, Commonwealth added 0.4% to $73.49 and National Australia Bank rose 0.9% to $33.37 and ANZ slid 0.1% to $30.23.

Leighton Holdings Limited jumped 3.7% to $18.67 after the construction contractor reaffirmed full-year earnings guidance and expects underlying net profit in the range of $520 million to $600 million.

Singapore Telecommunications Limited owned Optus, plans to expand its 4G mobile network to 70% of country’s metropolis territory by the mid of next year.

Santos Limited climbed 21 cents to $13.14 after the petroleum explorer said oil production had commenced at $490 million offshore Fletcher Finucane project in Western Australia.

The GPT Group gained 0.9% to $4.16 after the property management company raised funds from sale of its 50% stake in Erina Fair shopping centre on NSW Central Coast, for $397.1 million.

Michael Cameron, chief executive officer said “This allowed GPT to realize the value of this asset and continue to progress its strategy to move to a more balanced portfolio weighting.”

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