House Has Enough Votes to Pass Budget Easing $63 Billion in Cuts
Australia, N.Z. Stocks: Cochlear, Equinox, Leighton, Macarthur, Transurban
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Cochlear Ltd. (COH AU) fell 1.5 percent to A$75.75. The maker of the world’s best-selling hearing implant had its rating cut to “underweight” from “equal-weight” by analysts at Morgan Stanley led by Sean Laaman.
Equinox Minerals Ltd. (EQN AU), which owns Africa’s biggest copper mine, plunged 5.4 percent to A$3.70 after copper prices slumped the most in 15 months in New York yesterday.
Iluka Resources Ltd. (ILU AU) gained 3 percent to A$4.51. The world’s biggest zircon producer said it expects demand from China to be between 450,000 and 500,000 tons in 2010.
Macarthur Coal Ltd. (MCC AU) tumbled 16 percent to A$11.25. The world’s largest pulverized coal producer rejected Peabody Energy Corp.’s revised A$3.8 billion ($3.3 billion) cash bid, saying it was too low.
Leighton Holdings Ltd. (LEI AU) gained 3.9 percent to A$33.40. The company rebuffed a merger proposal from controlling shareholder Hochtief AG two months ago, the Sydney Morning Herald reported, without citing anyone.
Transurban Group (TCL AU) slumped 5.6 percent to A$4.42. Ontario Teachers’ Pension Plan sold its stake in Transurban Group after the Australian toll-road operator rejected a A$7.2 billion ($6.3 billion) bid from the Canadian fund and other investors, two people familiar with the sale said.
Warehouse Group Ltd. (WHS NZ) slipped 2.2 percent to NZ$3.49. New Zealand’s biggest discount retailer said third- quarter sales fell 1.9 percent as entertainment spending slowed and warm weather reduced demand for winter heating and clothing.