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Market Update

Australian Stocks Rebound, AMP Cash Flow Soars 72%

Author: Marcus Jacob
Last Update: 10:05 AM ET May 08 2014

5:00 PM Sydney – Australian market indexes advanced and trading volume picked on active trading in smaller companies. Australian dollar edged higher after China reported higher than expected trade surplus. Qantas plans to shed 2,200 jobs. AMP Limited said net cash flow soared 72%.

Australian stocks rebounded from the losses yesterday and resource stocks led the gainers after China’s April trade surplus rose to $18.46 billion.

Exports increased 0.9% from a year ago to $188.54 billion and imports rose 0.8% to $170.09 billion, General Administration of Customs reported today.

The trade activities picked up after imports slumped 11.3% to $162.4 billion and exports fell 6.6% to $170.1 billion resulting in trade surplus of $7.7 billion.

China, reported its first trade deficit in 11 months of $23 billion in February.

Australian dollar closed higher at 93.82 U.S. cents and stock market trading turnover slipped to 684 million shares worth $4.3 billion.

The ASX 200 index increased 41 or 0.7% to 5,476.80 and the broader All Ordinaries gained 36.80 to 5,455.90.

Stocks in Review

Rio Tinto jumped 86 cents to $61.46. BHP rose 48 cents to $37.65. Woodside Petroleum Limited increased 0.5% to $41.20.

Westpac Banking Corp gained 40 cents to $34.90.

AMP Limited jumped 2.7% to $5.32 after the retail banking company said wealth management net cash flows in the first-quarter ending in March surged 72% to $363 million from $211 million a year ago.

The bank said assets under management climbed 11.5% to $10.7 billion from $9.6 billion in the fourth-quarter.

Envestra Limited was halted at $1.13 and the natural gas distributor said it received a cash takeover offer for $1.32 per share from the consortium comprising of Cheung Kong (Holdings) LTD, Cheung Kong Infrastructure Holdings LTD and Power Assets Holdings Ltd.

National Australia Bank Ltd increased 0.9% to $34.14 after the financial services provider reported interest income in the first-half ending in March dropped 3.8% to $15.27 billion from $15.88 billion a year ago.

Net profit in the period surged 15.8% to $2.86 billion compared to $2.47 billion and diluted earnings per share climbed to 118.4 cents from 103.1 cents a year earlier.

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