Bloomberg Anywhere Bloomberg Professional About Bloomberg


 
Australia, New Zealand Stocks: Linc, PGG Wrightson, Woodside

By Shani Raja

June 24 (Bloomberg) -- Australia’s S&P/ASX 200 Index gained 0.3 percent to 3,807 as at the close in Sydney. New Zealand’s NZX 50 Index declined 0.8 percent to 2,739.81 in Wellington.

The following are among the most active shares in the market today. Stock symbols are in parentheses after company names.

Australia:

Mining shares: Copper futures gained 3.2 percent to $2.212 a pound in New York yesterday, rebounding from the sharpest drop in four months, as a weaker dollar made the metal cheaper for buyers with other currencies.

Rio Tinto Group (RIO AU), the world’s third-biggest mining company, gained 2 percent to A$49.60. Minara Resources Ltd. (MRE AU), Australia’s second-largest nickel producer, climbed 3.2 percent to 80 Australian cents, after nickel rose 0.8 percent in London yesterday.

Felix Resources Ltd. (FLX AU) dropped 4.2 percent to A$12.45. The company said there is no change to an earlier statement that talks on a “potential change of control transaction” were unlikely to be concluded in the near future. Felix said it was responding to newspaper speculation.

Linc Energy Ltd. (LNC AU) dropped 9.3 percent to A$1.57. The company scrapped exclusive talks with Yanzhou Coal Mining Co. on the sale of coal assets in Queensland state and appointed UBS AG to find a buyer.

Suncorp-Metway Ltd. (SUN AU), Australia’s third-largest insurer, surged 5.6 percent to A$6.42. The company started marketing a 13 billion yen ($136 million) sale of samurai bonds guaranteed by the Australian government, according to a Nomura Securities Co. banker.

Woodside Petroleum Ltd. (WPL AU), Australia’s second- biggest oil and gas producer, added 2.7 percent to A$41.36, after crude oil for August delivery climbed 2.6 percent to settle at $69.24 a barrel in New York yesterday. Oil futures lost 0.7 percent in after-hours trading.

New Zealand:

PGG Wrightson Ltd. (PGW NZ), New Zealand’s largest agricultural services company, slumped 6.7 percent to NZ$1.12, after cutting its earnings forecast for the third time since December, citing the global recession.

Pan Pacific Petroleum NL (PPP NZ), part-owned by New Zealand Oil & Gas Ltd., jumped 12 percent to 56 New Zealand cents after saying its Red Emperor well, off the coast of Vietnam, produced 3,265 barrels of oil and 8.1 million standard cubic feet a day under tests. A second well is planned in the fourth quarter.

Sky City Entertainment Group Ltd. (SKC NZ) fell 3 percent to NZ$2.62. New Zealand’s largest casino operator had its rating cut to “underperform” from “neutral” at Macquarie Group Ltd. Macquarie lowered its per-share earnings forecast for the coming year by 12 percent, citing slower growth at the company’s Darwin casino.

To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net.

Last Updated: June 24, 2009 03:27 EDT

Sponsored links