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Market Update

Australian Stocks Fall 3% in January, David Jones Rejects Myer Merger Offer


Author: Marcus Jacob
ticker.com
Last Update: 10:41 AM ET January 31 2014

4:30 PM Sydney – Australian stocks in January declined for the first time in four years as emerging markets struggle and China engineers a slowdown. David Jones rejected unsolicited merger offer from Myer Holdings.

Australian stocks closed higher on Friday but fell in the week and declined for the first time in January in four years.

Australian dollar rose to 87.61 U.S. cents and in stock market trading turnover fell to 697 million shares worth $5.1 billion.

The ASX 200 index closed inched up 1.90 to 5,190 and the broader All Ordinaries rose 5.70 to 5,205.01.

For the week, ASX 200 index dropped 2.2% and for the month declined 3%.

Stocks in Review

Rio Tinto fell 16 cents to $65.64. BHP slid 12 cents to $36.57. Woodside Petroleum Limited slipped 11 cents to $37.38.

Westpac fell 2 cents to $30.87.

David Jones Limited climbed 4.2% to $2.99 after the department store operator rejected merger proposal from rival retailer Myer Holdings Limited, and said the offer was “too low.”

Nufarm Limited declined 3% to $3.88 after the Australia-based global crop protection company agreed to distribute Valent branded products in the United States from February 16.

Chief Executive Officer Doug Rathbone trimmed his stake in the agricultural chemical company.

Origin Energy Limited rose 0.3% or $13.98 after the energy company said quarterly revenue in the quarter ending in December climbed 39% to $281 million on strong volumes and commodity prices. Production surged 28% aided by higher volumes from the Otway Basin.

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