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Market Update

Australian Stocks Pare Gains, Goodman Fielder Rejects Wilmar Offer

Author: Marcus Jacob
Last Update: 8:57 AM ET April 28 2014

5:00 PM Sydney Australian indexes reacted to market volatility in the absence of economic news and deal talks lifted Goodman Fielder 15%. The company rejected overtures from Wilmar International. Transurban reached an agreement with the Victoria government for $850 million road upgrade.

Australian market indexes pared gains on the weakness in resource stocks and deal talks lifted Goodman Fielder.

Australian dollar closed at 92.98 U.S. cents and stock market trading turnover gained to 689 million shares worth $4.02 billion.

The ASX 200 index rose 5.10 to 5,536.10 and the broader All Ordinaries edged up 0.60 to 5,516.10.

Stocks in Review

Rio Tinto fell 92 cents to $62.06. BHP slid 41 cents to $37.87. Woodside Petroleum Limited rose 0.4% to $41.08.

Westpac Banking Corp added 8 cents to $35.86.

iProperty Group declined 2.5% to $2.67 after the company said cash revenues increased 23% to $5.3 million in the first quarter and operating costs increased 2% from a year ago quarter. The company experienced significant growth in Malaysia and Indonesia markets focused web sites.

Goodman Fielder Ltd surged 15.4% to 63.5 cents after the food ingredients maker said it has rejected $1.27 billion takeover offer from Singapore-based Wilmar International Ltd. and First Pacific Company Ltd. on the grounds that it materially undervalues the company.

Leighton Holdings Limited slipped 1.8% to $19.25 after the mining contractor secured a contract to build a passenger clearance building between Hong Kong, Zhuhai and Macau valued $1.16 billion.

Nufarm Limited rose 0.2% to $4.20 after the Australia-based crop protection products maker reported revenue in the first-half ending in January jumped 11% to $1.14 billion from $934.4 million a year ago.

Net income in the period more than doubled to $18.84 million compared to $8.84 million and diluted earnings per share increased to 4.7 cents from 0.4 cents a year earlier.

Transurban Group was halted at $7.27 and the toll roads operator signed an agreement with the Victoria government for an $850 million upgrade of the road to the western section of CityLink, the Bolte Bridge-West Gate Freeway interchange and the Tullamarine Freeway.

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