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Market Update

Thin Trading in Australian Stocks, SAI Receives $1.1 Billion Offer

Author: Marcus Jacob
Last Update: 4:07 AM ET May 26 2014

5:00 PM Sydney Australian market indexes closed higher in thin trading and the dollar traded at elevated level against the U.S. dollar. SAI Global terminated its contract with chief executive and the company received a takeover offer of $1.1 billion.

Australian stocks opened higher and steadily gained in the afternoon in thin trading. Banks and financials led the gainers in trading.

Australian dollar slipped to 92.37 U.S. cents and stock market trading turnover declined to 531 million shares worth $2.8 billion.

ASX 200 index increased 20 or 0.3% to 5,512.80 and the broader All Ordinaries gained 20.10 to 5,490.40.

Stocks in Review

Rio Tinto gained 41 cents to $60.95. BHP rose 26 cents to $37.91. Woodside Petroleum Limited increased 0.4% to $41.79.

Westpac Banking Corp slid 3 cents to $34.16.

Challenger Diversified Property Group after trading halt at $2.74 the property developer agreed to sell its Taylors House building in the suburb of Sydney.

LogiCamms Limited gained 0.5% to 93.5 cents after the mining construction company secured contracts for more than $15 million from with Samsung C&T Corporation, Chevron Australia and Oil Search Limited.

Sedgman Limited plunged 9.9% to 41 cents after the engineering construction company forecasted net loss for the year between $5 million to $7 million from previous guidance of $3 million to $6 million.

SAI Global Limited surged 17.1% to $5.01 after the information service provider confirmed that it has received a takeover offer of $1.1 billion from private equity firm Pacific Equity Partners.

The company also said it has terminated its contract with chief executive Stephen Porges and cited differences between the board and the leadership.

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