Oct. 4 (Bloomberg) -- Australia's S&P/ASX 200 Index swung between gains and losses. Macquarie Bank Ltd. rose on plans to raise up to A$966 million ($769 million) in an initial public offering of its media fund.

BHP Billiton led declines by oil producers after crude prices dropped, threatening to crimp earnings.

The S&P/ASX 200 Index rose 1 point to 4643.4 as of 12:03 p.m. in Sydney. About two stocks fell for every stock that rose. New Zealand's NZSX 50 Index gained 0.2 percent to 3464.04 as of 3:04 p.m. in Wellington.

Macquarie Bank rose 34 cents, or 0.5 percent, to A$75.60, taking this year's gain to 63 percent. Australia's biggest investment bank plans to sell shares in its media fund, Macquarie Media Group, to finance acquisitions. The stock will be offered to institutional investors at A$2.70 to A$3.05 apiece.

``They seem to announce a new fund every morning so it's hard to keep up with Macquarie Bank these days,'' said Sean Fenton, who helps manage the equivalent of $650 million at Jenkins Investment Management in Sydney. ``It's certainly an attractive sector at the moment.''

BHP Billiton, Australia's biggest oil producer, fell 17 cents, or 0.8 percent, to A$22.13. BHP's petroleum division is the company's third-biggest earner, bringing in about 20 percent of earnings before interest and tax last fiscal year. Woodside Petroleum Ltd., the nation's second-biggest oil producer, dropped 39 cents, or 1.1 percent, to A$35.16.

Crude oil fell for a third session on speculation the release of emergency stockpiles will help cover U.S. production lost in the Gulf of Mexico. Crude for November delivery fell as much as 0.6 percent to $65.10 a barrel in New York.

The S&P/ASX 200 Index's futures contract for December rose 1 point to 4655. The broader All Ordinaries Index dropped 0.1 percent to 4590.50.

The following shares also rose or fell. The stock symbols are in brackets after the company names.

Australian stocks:

Alinta Infrastructure Holdings Ltd. (AIHCA AU) climbed 35 cents, or 18 percent, to A$2.35. Shares of the power plant and pipelines unit of Western Australia's biggest natural gas retailer began trading on the stock exchange today after they were sold last month for A$3.20 each.

CSL Ltd. (CSL AU) rose 41 cents, or 1.1 percent, to A$39. The world's second-biggest maker of blood plasma products had its 12- month share-price forecast raised by Merrill Lynch & Co. to A$45.16 from A$43.20, said Michael Carmody, an analyst, in a note to clients today. ``With each new product formulation launch, we would expect CSL to secure a price premium compared to existing levels,'' he said.

Origin Energy Ltd. (ORG AU) declined 4 cents, or 0.6 percent, to A$7.26. Origin Energy faces further delays and at least A$50 million in extra costs at its BassGas project off southern Australia after an accommodation ship was withdrawn, the Australian Financial Review reported.

New Zealand:

Feltex Carpets Ltd. (FTX NZ), a New Zealand-based carpet maker, added 2 cents, or 3.3 percent, to 62 cents. The stock has gained 19 percent since the company said Sept. 30 that it expects in the week starting Oct. 17 to detail plans arising from an operational review, which will boost profitability.

To contact the reporter on this story: Vesna Poljak in Sydney vpoljak@bloomberg.net.

Last Updated: October 3, 2005 22:18 EDT