Australian shares rose in today’s trading. The S&P/ASX 200 Index (INDEXASX:XJO) rose +0.13% to close at 4,557.90. US jobs data released Friday went beyond economists’ forecasts and Chinese data out over the weekend as well showed some improvement, setting the pace for gains in Asian session on Monday.
Investors stayed watchful, on the other hand, trading in telecom and property stocks. The trading seemed sluggish but overall ended on positive note.
Telecom firms remained in major focus, with Telstra Corporation Limited (ASX:TLS) up 0.23% to close at $4.37. Telstra commences a smart way to keep children safe on their mobiles.
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Property firms were also higher, with Australand Property Group (ASX:ALZ) added +6.29% to $3.21 after GPT Group (ASX:GPT) declared a cash bid for some of the company’s operations. Shares of GPT Group added +0.83% to settele the trade at $3.63.
The offer involves Australand, controlled by Singapore’s Capitaland Ltd. (CAPL), keeping its residential dealing and remaining a listed unit, Sydney-based Australand stated in a report to the Australian stock exchange today.
The cash proposal, whose pricing was not unveiled, is incomplete, conditional and subject to due diligence, it stated, advising shareholders to take no step.
Another joint venture supported the market to remain higher. Fortescue Metals Group Limited (ASX:FMG) has made a deal with BC Iron Limited (ASX:BCI) in relation to the Nullagine Iron Ore JV, including a 25% fractional divestment of Fortescue’s interest for total net profit of A$190 million. Shares of Fortescue Metals added 6.86% to close the trade at $4.05.