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Market Update

Australian Stocks Snapped 4-Day Decline, Construction Activities Contract

Author: Marcus Jacob
Last Update: 9:30 AM ET April 08 2013

6:30 PM Sydney – Australian stocks rebounded after declining for four days in a row and construction industry index indicated contraction in March, 34th monthly decline in a row. Australian dollar fell.

Australian stocks traded higher after declining for four days in a row as miners and bankers led the gainers.

The ASX 200 index gained 14.10 to 4,905.50 and the broader All Ordinaries rose 13.46 to 4,912.70.

Australian dollar closed down to $1.0315 and in stock trading, turnover decreased to 600 million shares worth $3.5 billion.

Australian building activities continue to contract for the 34th month in a row, according to the data released by the Australian Industry Group and Housing Industry Association.

The Construction Index declined 6.6 points to 39 in March, and a reading below 50 indicates contraction.

Stock Movers

Rio Tinto fell 76 cents to $54.84 and BHP gained 42 cents to $32.66. Fortescue Metals Group added 1 cent to $3.58.

Woodside Petroleum increased 7 cents to $34.86 and Santos up 13 cents to $12.18.

Newcrest Mining climbed 38 cents to $19.18, Kingsgate soared 16 cents or 4.5% to $3.66 and Whitehaven Coal rose 4 cents to $2.01.

David Jones Limited slid 1 cent to $2.90 and Breville Group jumped 14 cents to $6.24. Billabong at the time of halt last traded at 73 cents and Globe International closed unchanged at 41 cents.

Billabong halted the stock indefinitely as two takeover bid talks drag.

Woolworths increased 10 cents to $33.89. Kathmandu fell 2 cents to $1.98.

Toll Holdings fell 4 cents to $5.68, Leighton down 15 to $19.53 and Mirvac Group rose 2 cents to $1.63. Lend Lease gained 6 cents to $10.36.

The People’s Bank of China approved license for Australian dollar and Chinese yuan for Westpac Banking Corp and ANZ Banking Group.

Westpac increased 27 cents to $30.52, Commonwealth up 0.1% to $67.02 and National Australia Bank added 0.03% to $30.58 and ANZ up 11 cents to $27.86.

Macquarie Group slipped 63 cents to $36 and Wesfarmers gained 21 cents to $40.07.

Nufarm jumped 13 cents to $4.35. Linc Energy closed unchanged at $1.82.

Ruralco Holdings Limited plunged 7% after it issued profit warning and said first half core earnings may plunge as much as 70% from a year ago period of $70 million.

Southern Cross Goldfields Limited soared 15% after the company agreed to merge with Polymetals Mining Limited.

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