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Oct 19 (Reuters) - 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 at 5,435.4.
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 Jacob-Phillips)