Billabong bucks market to fall 17%: Afternoon market insights

The Australian sharemarket neared the close modestly higher today, despite surfwear giant Billabong posting a 16.42% fall after private equity firm TPG capital withdrew its takeover offer early this morning.

The ASX200 added 0.13%, while the broader All Ordinaries index gained 0.15%.

The Australian dollar dipped slightly, buying $US1.02655.

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