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Market Update

Qantas Reaffirms Profit Outlook, AMP and ResMed Send Positive Signals

Author: Marcus Jacob
Last Update: 10:03 AM ET October 24 2014

5:30 PM Sydney Australian market indexes traded higher and closed up for the second week in a row. Annual general meetings season picks up in Sydney and AMP, ResMed and Qantas send positive outlook signals. For the week, ASX 200 index advanced 2.7%.

Stocks in Australia advanced and market indexes gained for the second week in a row.

The broad rally in market lifted stocks in most sectors and annual meeting season picked up with positive tones at AMP, ResMed and Qantas meetings.

ASX 200 index gained 29.10 to close at 5,412.20 and All Ordinaries index advanced 0.5% to 5,399.30. For the week, both indexes soared 2.7%.

In stock trading, turnover increased to 751 million shares worth $4.05 billion and Australian dollar closed at 87.67 U.S. cents.

In commodities trading, gold eased and extended weekly loss by $8.77 to US$1,230 an ounce.

Light crude oil increased $1.57 to US$82.09 a barrel.

Australian Movers

GPT Metro Office Fund, the real estate trust priced its initial public offering at $2 and closed flat in active trading.

APA Group increased 1.6% after natural gas infrastructure developer said it is on track to increase annual earnings by 9% to $760 million.

AMP Limited soared 3.2% after the financial services provider reported better-than-expected third-quarter results and cash flow in the wealth management unit more than doubled.

Retail Food Group gained 0.4% to $4.86 and the operator of multi-brand franchisor agreed to acquire global business and assets of Gloria Jeans Group, coffee chain.

The company agreed to pay $163.5 million and pay additional $16.4 million based on achieved milestones and earnings.

Qantas Airways Limited surged 3.6% to $1.43 after the state controlled carrier reported 2.7% passenger growth in September.

Alan Joyce, chief executive told shareholders that the company is on track to achieve underlying profit before tax in the first-half.

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