Australian Retail Sales Rose Marginally

Marcus Jacob
01 Oct, 2014
New York City

Australian dollar drifted sideways and stock market indexes gained after retail sales rose marginally in August. Manufacturing in China expanded in September. News Corp agreed to acquire real estate listing company Move Inc for $1.1 billion.

[R]5:00 PM Sydney, Australia – Australian dollar drifted sideways and stock market indexes gained after retail sales rose marginally in August. Manufacturing in China expanded in September. News Corp agreed to acquire real estate listing company Move Inc for $1.1 billion.[/R]

Australian market indexes closed higher and retail sales rose marginally in August and manufacturing index in China showed better than expected increase.

The Australian Bureau of Statistics said total value of retail sales in August rose 0.1% to $23.311 billion, unchanged from the previous month.

The Australian Industry Group reported Australia''s manufacturing sector in August continued to contract in September and manufacturing index score of 46.5, down from 47.3.

Australian dollar traded at 87.59 U.S. cents and in stock trading turnover jumped to 782 million shares worth $4.71 billion.

ASX 200 index jumped 41.30 or 0.8% to 5,334.10 and the broader All Ordinaries index gained 37.70 to 5,334.50.

Stocks in Review

ARB Corporation Ltd rose 0.6% to $12.62 after the motor vehicle accessories maker signed a contract to acquire property in Victoria for $19 million.

News Corporation declined 1.1% to $18.67 after the media company agreed to acquire the U.S.-based online real estate company Move Inc for $1.1 billion.

Sedgman Limited increased 1.7% to 0.61 cents after the project and operational service provider secured contract from metallurgical coal producer Cockatoo Coal Limited worth $36.7 million.

Telstra Corporation Ltd gained 1.5% to $5.38 after the communications and information service provider agreed to acquire the U.S. silicon valley-based video platform company Ooyala for $308.8 million or US$270 million.

The company unveiled plans for free Wi-Fi at trial locations at some of the busiest locations.