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Market Update

Thin Trading in Australia, G8 Education Raises $150 Million in Singapore

Author: Marcus Jacob
Last Update: 8:59 AM ET May 12 2014

5:00 PM Sydney Australian indexes eased and the Aussie dollar gained. Dart Energy soared 28% on a takeover offer. G8 Education completed deft offering of $150 million in Singapore. Kimberley plunged 41%.

Australian markets closed down in thin volume and the Aussie dollar edged higher after a private monthly survey conducted by the National Australia Bank showed a slight increase in confidence in business community.

Australian dollar closed higher at 93.65 U.S. cents and stock market trading turnover declined to 533 million shares worth $3.07 billion.

The ASX 200 index fell 12.40 or 0.2% to 5,448.40 and the broader All Ordinaries slid 13 to 5,429.

Stocks in Review

Rio Tinto rose 5 cents to $61. BHP fell 18 cents to $37.16. Woodside Petroleum Limited decreased 0.7% to $40.96.

Westpac Banking Corp slid 4 cents to $34.90.

Dart Energy Ltd surged 28% to 16 cents after the Australia-based coal seam gas explorer received takeover offer from the UK-based oil and gas producer IGas Energy Plc in an all-share for 117 million or $212 million to create a leading onshore oil and gas company in U.K.

G8 Education Ltd climbed 5.9% to $4.47 after the Australia-based educational child care services provider raised $150 million through an oversubscribed debt offering.

The offering in Singapore will fund acquisition of additional 97 childcare and education centers in September.

Incitec Pivot Limited gained 1% to $2.85 after the fertilizers, industrial explosives and chemicals maker said revenue in the year ending in March jumped 5.6% to $1.51 billion from $1.43 billion a year ago.

Profit in the year climbed 18.3% to $118.7 million compared to $100.3 million and diluted earnings per share increased to 7.1 cents from 6.6 cents a year earlier.

Kimberley Diamonds Ltd tumbled 41.5% to 38 cents after the mineral explorer said it failed to secure price increase for supply of fancy yellow diamonds to a unit of U.S. based Tiffany & Co.

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