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Market Update

Weekly Advance of 3.5% in Indexes in Australia

Author: Marcus Jacob
Last Update: 9:59 AM ET April 26 2013

6:00 PM Sydney – Australian markets traded flat in the afternoon but resource stocks led the gainers. In shortened trading week, the ASX 200 index advanced 3.5% after miners rallied and banks traded near 5-year highs.

Australian markets opened higher but struggled to retain the advance after flat trading in the afternoon but resource stocks closed higher.

The widely followed ASX 200 index closed down 5 points to 5,098 and for the week increased 166 points.

Total value of all stocks traded fell to $3.9 billion and 694 million shares changed hands.

Stocks in Review

Dexus Property Group closed unchanged at $1.13 and the company signed a deal with a related Dexus Wholesale Fund to acquire a stake in a Brisbane based office building for $544 million.

Graincorp Limited soared 8% to $12.81 after the U.S. based Archer Daniels Midland revised its third bid to $12.20 a share and the company agreed to grant access to its financial information.

Leighton Holdings Limited’s subsidiary won a $72 million government contract to rebuild Brisbane’s RiverWalk that was washed away in 2011 floods.

ResMed Inc declined 4 cents to $4.46 after the maker of medical equipment for sleep disorder said March quarter revenues increased 10% to $374.5 million. Net income in the quarter soared 31% to $84.9 million.

The board declared a quarterly dividend of 17 cents a share.

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