5:30 PM Sydney – Australian stocks advanced for the second day in a row after a week of turbulent trading. Fortescue Metals stepped up its campaign against Brockman Mining’s request to gain access to its rail infrastructure. Australian dollar hovered near its 3-year low.
Australian stocks rebounded and closed higher for the day and completed the week with a rise of 0.9%.
The ASX 200 index jumped 47 or 0.9% to close at 4,841.70 and the broader All Ordinaries increased 45.40 to 4,826.40. For the week, ASX 200 gained 0.8%.
Australian dollar traded near a 34-month low at 91.39 U.S. cents and in stock trading turnover gained to 680 million shares worth $3.1 billion.
Stocks in Review
Rio Tinto climbed 53 cents to $52.70 and BHP gained 38 cents to $31.60 after the natural resources miner increased its stake and took over petroleum exploration at Carnarvon Basin of Western Australia earlier which was run by Woodside Petroleum.
Woodside Petroleum Limited gained 25 cents to $35.89.
David Jones Limited rose 7 cents to $2.58 and Breville Group slid 1 cent to $7.15. Woolworths increased 24 cents to $32.69.
Mirvac Group added 5 cents to $1.68. Lend Lease dropped 17 cents to $8.54.
Westpac jumped 42 cents to $28.35, Commonwealth rose 0.8% to $68.99 and National Australia Bank gained 1% to $29.17. ANZ added 21 cents to $28.40.
Billabong International Limited surged 15.6% to 26 cents after the U.S. based debt investors Oaktree Capital Management and Centerbridge Partners have acquired $280 million worth of the company''s debt. Billabong share has jumped 70% in the week.
Fortescue Metals Group Limited gained 1.8% to $3.36 after the iron ore producer requested regulators to reject Hong Kong based Brockman Mining Ltd’s proposal to access their railway infrastructure in Pilbara region. Fortescue said it does not have the capacity to take additional freight.
In a Western Australia''s Economic Regulation Authority submission Fortescue said. “There is no capacity available to Brockman."" As the local unit of Brockman attempt to builds its own independent railway line.
Virgin Australia Holdings Limited dropped 2.2% to 43.5 cents after the airline company lost domestic market share to Qantas. Virgin said it handled fewer passengers in May 2013 from a year ago month.