Australian Markets at a New 5-Year High, Westfield in $1.6 Billion Deal

Marcus Jacob
16 Sep, 2013
New York City

Australian stocks advanced and the gains in resource and financial stocks lifted the benchmark index to a new five-year high. Australian dollar edged to a 2-month high and gold and iron ore prices in international markets gained on a rally in Asian markets.

[R]4:45 PM Sydney – Australian stocks advanced and the gains in resource and financial stocks lifted the benchmark index to a new five-year high. Australian dollar edged to a 2-month high and gold and iron ore prices in international markets gained on a rally in Asian markets.[/R]

Australian stocks extended rally for the second week and market indexes closed at a new five-year high.

ASX 200 index gained 28 points to close at 5,248 and in trading 608 million shares worth $3.5 billion changed hands.

Australian dollar advanced and fetched 93.3 U.S. cents as gold increased to US$1,324 an ounce and light sweet crude edged up 39 cents to US$108.21.

Stocks in Review

AGL Energy declined 1.2% to $15.18 and the company appointed new chief executive and three directors after taking control of Australian Power and Gas Limited.

Atlas Iron Limited gained 4.6% and the iron ore miner is in the process of finding investment partner for its McPhee Creek mine project that may be worth as much as $700 million.

Australian Agriculture Company Limited said it has completed raising $219 million of which $130 million was raised from institutional investors.

Lynas Corporation Limited soared 6% and the rare earth mineral miner said its full-year loss increased to $107.4 million.

Sedgeman Limited soared 5% to 72 cents after the company’s venture Thiess Sedgeman won a contract for a coal handling project for Boggabri Coal in New South Wales.

Westfiled Group agreed to divest its seven “non-core” U.S. based shopping centers to Starwood Capital Group for $1.64 billion.