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Market Update

Australian Stocks Ease as Trading Volume Falls Near Yearly Low

Author: Marcus Jacob
Last Update: 9:59 AM ET April 07 2014

5:00 PM Sydney Australian stocks declined and trading volume fell to the low in the year so far following the weakness in the U.S. markets on Friday. Australian dollar held firm near the high in the year.

Australian stocks declined and trading volume dipped to the low in the year so far following weak sentiment in New York trading.

Australian dollar closed at 92.78 U.S. cents and stock market trading turnover plunged to 492 million shares worth $2.77 billion.

The ASX 200 index fell 9.10 to 5,413.70 and the broader All Ordinaries slid 12.50 to 5,416.10.

Stocks in Review

Rio Tinto gained 23 cents to $63.95 after the miner failed to overturn the New South Wales Court decision blocking the expansion in one of its largest Australian coal area.

BHP slid 1 cent to $37.74. Woodside Petroleum Limited rose 8 cents to $38.84.

Westpac Banking Corp slipped 12 cents to $34.48.

Iron Road Limited climbed 3.2% to 32 cents after the Australian Federal Government granted approvals for its iron project on the Eyre Peninsula with the potential to generate annual revenues of $2.8 billion.

Sandfire Resources NL, the copper and gold miner, said it plans to acquire Canada based precious metals miner WCB Resources Limited for an undisclosed sum.

Wesfarmers Ltd jumped 51 cents to $42.08 after the conglomerate sold its insurance broking businesses to U.S-based Arthur J Gallagher for $1 billion.

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