Australian Markets Inch Up Flat

Australian markets eked out modest gains as higher bullion prices boosted gold mining stocks. The benchmark S&P/ASX 200 inched up 0.10 percent to 7,767.50 while the broader All Ordinaries index rose 0.14 percent to 8,013.80.

Suncorp rose 3.6 percent after Federal Treasurer Jim Chalmers gave the go-ahead to ANZ to acquire its banking arm. Nine Entertainment rose 1.1 percent after an announcement that the trouble-plagued media firm will cut up to 200 jobs.

Overall private sector credit in Australia was up 0.4 percent on month in May, the Reserve Bank of Australia said on Friday - in line with expectations and easing from 0.5 percent in April.

On a yearly basis, overall private sector credit was up 5.2 percent. Broad money rose 0.3 percent on month and 5.0 percent on year.

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