April 8 (Bloomberg) -- Australia’s S&P/ASX 200 Index dropped 2.3 percent, the most since March 2, to 3,619.50 at the close in Sydney. The following were among the most active shares in the Australian market today. Stock symbols are in parentheses after company names.

Oil companies: Crude oil fell for a fourth day on speculation a report will show U.S. supplies increased as the recession curbed fuel demand. Crude oil in New York fell 1.8 percent to $48.27 a barrel in after-hours trading.

Woodside Petroleum Ltd. (WPL AU), Australia’s second-largest oil and gas producer, dipped 3.4 percent to A$38.16, the lowest since March 31. Santos Ltd. (STO AU) slipped 2.7 percent to A$16.54.

Bow Energy Ltd. (BOW AU), the Australian coal-seam gas explorer aiming to sell fuel to gas-export ventures, surged 9 percent to A$1.09, the most since March 31, after gaining independent confirmation of project reserves.

Equinox Minerals Ltd. (EQN AU), owner of the Lumwana copper mine in Zambia, tumbled 20 percent, the most since Jan. 8, to A$2.05. Equinox will sell 88.9 million shares for about C$1.80 each to fund expansion of the project, Toronto-based Equinox said yesterday in a statement.

Flight Centre Ltd. (FLT AU) slumped 8.7 percent, the most since Feb. 25, to A$5.64. Australia’s largest travel agency had its stock rating cut to “underperform” from “neutral” at Credit Suisse Group AG.

Iluka Resources Ltd. (ILU AU) fell 4.7 percent to A$3.25, the lowest since March 11, 2008. The world’s biggest zircon producer had its stock rating cut to “hold” from “buy” by analyst Clarke Wilkins at Citigroup Inc.

ING Industrial Fund (IIF AU), a real estate investment trust, gained 2.8 percent to 18.5 cents, the highest since Jan. 13. The company said it completed sales worth A$79 million in Australia, Europe, and Canada as part of its divestment program.

JB Hi-Fi Ltd. (JBH AU) dropped 1.9 percent to A$11.84. The Australian electronics retailer had its stock rating cut to “neutral” from “overweight” at JPMorgan Chase & Co.

Macmahon Holdings Ltd. (MAH AU) rallied 14 percent, the most since Nov. 5, to 58.5 cents. BHP Billiton Ltd., the world’s largest mining company, awarded an A$500 million ($353 million) rail contract to Macmahon and Leighton Holdings Ltd. that will help expand iron ore production in Australia.

Suncorp-Metway Ltd. (SUN AU) declined 5.9 percent, the most since March 2, to A$6.12. Australia’s third-largest insurer is planning a benchmark offering of two-and three-year notes guaranteed by the government, according to people familiar with the transaction.

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

Last Updated: April 8, 2009 02:46 EDT