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Market Update

Australian Stocks and Dollar Turn Lower


Author: Marcus Jacob
ticker.com
Last Update: 12:51 PM ET July 13 2015

5:30 PM Sydney Australian stocks and dollar edged lower after Greece and European leaders hammered out a deal that may not be possible to implement. Amcor agreed to acquire India-based packaging company. Australand agreed to sell industrial property to Growthpoint.

Australian market indexes eased and the Aussie dollar weakened more after European lenders and Greece agreed on a deal that may be difficult to implement.

European lenders agreed to provide additional loan of $95 billion to Greece in exchange for tougher reforms and an oversight of the International Monetary Fund.

The deal still needs to win an approval from the Greek parliament and a group of euro zone finance ministers.

Australian dollar closed at 74.86 U.S. cents and in stock trading turnover dropped to 631 million shares worth $3.8 billion.

At close, the ASX 200 Index fell 18.80 or 0.3% to 5,473.20 and the broader All Ordinaries Index decreased 17.70 to 5,460.40.

In commodities trading, gold slid US$1 to US$1,164 an ounce and Brent crude slipped $1.69 to close at US$57.04 a barrel.

Australian Stock Movers

Amcor Limited fell 0.9% to $13.48 after the packaging company agreed to acquire India-based Packaging India Private Limited from Essel Propack Ltd for about US$26.4 million.

BigAir Group Limited soared 5.8% to 63.5 cents after the wireless broadband services provider agreed to acquire cloud services provider Applaud IT for $1.2 million.

Growthpoint Properties Australia Ltd closed unchanged at $3.16 after the real estate developer agreed to acquire from Australand a newly constructed industrial property in South Australia for about $20.8 million.

Horizon Oil Ltd jumped 3.6% to 0.087 cents after the petroleum explorer forecasted revenues in the first-half of about US$25 million and US$104 million in the year.

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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