(Updates to close)
Oct 19 Australian shares closed higher on
Wednesday after Tabcorp Holdings agreed to takeover
Tatts Group, and as a barrage of Chinese data confirmed
that its economy had stabilised.
The A$6.36 billion ($4.88 billion) takeover offer for Tatts,
which will create an A$10.44 billion betting industry giant,
resulted in the target company posting its biggest-ever intraday
percentage gain and topping the index.
China, Australia's biggest trading partner, posted a steady
6.7 pct expansion in its economy in the third quarter, fuelled
by stronger government spending, record bank lending and a
red-hot property market.
The S&P/ASX 200 index climbed 0.5 percent to close
All major sectors on the benchmark index recorded gains, led
by consumer cyclicals and financials.
Genworth Mortgage Insurance Australia Ltd rose 3.72
percent to post its second session of gains, while QBE Insurance
Group Ltd climbed almost 2 percent.
New Zealand's benchmark S&P/NZX 50 index ended
steady at 6,976.53, after two sessions of losses.
Gains in energy and industrial stocks were offset by
declines in financials and consumer cyclicals.
Z Energy Ltd closed up 3.2 pct, recording its
biggest intraday percentage gain in over five months. Skycity
Entertainment Group Ltd was the worst performer on the
index, closing 2.7 percent lower.
($1 = 1.3040 Australian dollars)
(Reporting by Geo Tharappel in Bengaluru; Editing by Sherry