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Market Update

Australian Stocks Power Ahead

Author: Marcus Jacob
Last Update: 9:57 AM ET July 30 2014

5:00 PM Sydney, Australia – Australian stocks advanced on strong trading volume on rising confidence in global economy. Tabcorp Holdings agreed to acquire regional government controlled gaming business as a part of a deal to win long term gaming license.

Australian stocks opened higher and ahead of local and international economic data release this week. Indexes paired gains by mid-day but resumed the advance in late afternoon.

Australian dollar closed at 93.77 U.S. cents and stock trading turnover jumped to 681 million shares worth $4.25 billion.

ASX 200 index gained 34.50 or 0.6% to 5,622.90 and the broader All Ordinaries increased 34.50 to 5,615.10.

U.S. Federal Reserve is scheduled to announce its widely expected decision to trim bond purchase by $10 billion at the conclusion of its 2-day policy meeting at 2 p.m. New York time.

In addition, the U.S. government is scheduled to release GDP data ahead of New York markets opening later today.

Stocks in Review

Alacer Gold Corp slipped 1.9% to $2.53 after the gold producer confirmed net in the year swung to profit $US18.8 million compared to a loss of about $US430 million a year ago period.

Liquefied Natural Gas Limited surged 14.8% to $3.73 after the oil and gas producer raised $38.6 million through an oversubscribed share placement to current investors at $2.60 per share, a 20% discount to its last traded price of $3.25.

Regis Resources Limited closed unchanged at $1.80 after the gold producer may write-downs impairment charge between $230 million and $280 million.

Tabcorp Holdings Limited gained 1.2% to $3.50 after the diversified entertainment company plans to acquire the ACT government''s gaming business ACTTAB for $105.5 million. The state government will also issue a long term gaming license.

Tabcorp will pay annual $1 million license fee and with the deal the company will expand its portfolio of gaming businesses in ACT that includes the territory’s Keno, trackside and wagering business.

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