Australian Stocks Rebound, Aussie Dollar at 2-Month Low

Marcus Jacob
22 Nov, 2013
New York City

Australian stocks rebounded after a 4-day decline and Australian dollar declined to a two-month high. CFS Retail Property plans to sell a shopping center in Victoria for $100 million. Goodman Group offered $1.5 billion for Brazil based industrial properties.

[R]4:30 PM Sydney – Australian stocks rebounded after a 4-day decline and Australian dollar declined to a two-month high. CFS Retail Property plans to sell a shopping center in Victoria for $100 million. Goodman Group offered $1.5 billion for Brazil based industrial properties.[/R]

Australian markets rebounded after a four-day decline and mining and resources stocks led the gainers. However, precious metals stocks extended losses in the week.

Australian dollar declined to 91.80 U.S. cents. In stock trading, turnover declined to 683 million shares worth $3.8 billion.

The ASX 200 index gained 19.40 to close at 5,288.30 and the broader All Ordinaries increased 46 to 5,330.30. For the week, ASX 200 dropped 1.2%.


Stocks in Review

Rio Tinto rose 9 cents to $64.82. BHP added 1 cent to $37.56. Woodside Petroleum Limited fell 12 cents to $37.99.

Westpac slid 13 cents to $32.29.

CFS Retail Property Trust closed unchanged at $2 after the real estate investment company plans to sell Rosebud Shopping Centre in Victoria for $100 million to Charter Hall Retail REIT.

David Jones Limited jumped 2.1% to $2.96 and 39.5% of shareholders voted against company remuneration proposal. Chairman Peter Mason also apologized to shareholders for two directors who acquired stock two days before the company announced its first sales increase in nine months.

Murray Goulburn Co-operative Co. Limited, the Australia-based privately held dairy products maker will plan for a public listing on Australian Stock Exchange as the farmer co-operative looks to finance its growth.

Goodman Group increased 1.4% to $4.97 after the joint venture between Goodman Group and WTorre SA, offered to buy 34 industrial properties in Brazil for $1.49 billion from BR Properties SA.

Goodman Fielder Limited declined 4% to 70 cents after the company said recent milk price increase will trim its annual earnings by as much as $10 million.

Qantas Airways Limited climbed 3.6% to $1.16.