Australian Indexes, Dollar Rise on China Data

Mayank Mehta
11 Dec, 2009
New York City

The Australian benchmark index gained after China reported strong economic data driven by a rise in domestic demand. Commodities in the region gained. Australian dollar traded higher against major international currencies.

[R]8:00 PM Sydney, Australia – The Australian benchmark index gained after China reported strong economic data driven by a rise in domestic demand. Commodities in the region gained. Australian dollar traded higher against major international currencies.[/R]

Stocks in Australia closed higher after China reported a surge in industrial production by 19%, steady imports of commodities and a rise in consumer prices.

The ASX 200 index in Australia increased 28.50 or 0.62% to 4,635.20. Of the stocks in S&P ASX 200 index, 145 increased, 41 declined and 14 were unchanged.

The Australian dollar gained against the yen and fell against the dollar after China reported stronger economic data and driven by domestic economic expansion.

ASX Movers

Astro Japan Property Trust led the decliners in the S&P ASX 200 index with a loss of 4.7% followed by losses in Paladin Energy Ltd of 3.0%, in GUD Holdings Limited of 2.5%, in Hastie Group Limited 2.4% and in Transfield Services Limited 2.3%.

Murchison Metals Limited led gainers in the S&P ASX 200 index with a rise of 8.3% followed by gains in Mincor Resources NL 7.6%, in Karoon Gas Australia Ltd of 6.7% and in Lynas Corporation Limited of 5.7%.

Other Movers

Astro Japan Property Trust fell 4.7% to A$0.40.

GUD Holdings Limited the distributor of cleaning products, household appliances dropped 2.5% to A$8.50

Karoon Gas Australia Ltd advanced 6.7% to A$8.20 on the second day after comments from people familiar with the recent test well for gas exploration indicated positive outlook.

Lynas Corporation Limited rose 5.7% to A$0.55 after the company appointed Eric Noyrez as its new chief operating officer.

Mincor Resources NL the mining and exploration of mineral resources gained 7.6% to A$1.83.

Murchison Metals Limited the mineral exploration increased 8.3% to A$2.14.

Newcrest Mining Limited the gold producer added 0.4% to A$35.02.

Paladin Energy Ltd the uranium production company decreased 3.0% to A$3.86.

United Group Limited rose 0.9% to A$13.32 after the company with businesses ranging from engineering to property services was upgraded to “buy” from “neutral” at UBS AG.