Australian, N.Z. Stocks: Flight Centre, Gloucester, Gunns, IAG, Sundance

Australia’s S&P/ASX 200 Index dropped 0.7 percent to 4,381 at the close of trading in Sydney. New Zealand’s NZX 50 Index fell 1.2 percent to 3,018.89 in Wellington.

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

Flight Centre Ltd. (FLT AU) gained 0.9 percent to A$17.25. Australia’s largest travel agency was raised to “buy” from “neutral” at UBS AG.

Gloucester Coal Ltd. (GCL AU) surged 4.4 percent to A$12.25. The Australian company controlled by Noble Group Ltd. said it’s in talks with its parent to buy some of the commodity supplier’s coal assets in the country.

Gunns Ltd. (GNS AU) jumped 5.8 percent to 45.5 Australian cents. Deutsche Bank AG, Germany’s biggest bank, increased its stake in the Australian timber products company to 6.87 percent, the Launceston, Tasmania-based company said in a statement.

Insurance Australia Group Ltd. (IAG AU) plunged 6.1 percent to A$3.39. The insurance company said full-year profit margins will be lower than expected.

iSOFT Group Ltd. (ISF AU) fell 30 percent to 39 Australian cents. The health-information software developer said “political uncertainty” in the run-up to the U.K. elections and subsequent change of government has affected its earnings outlook this fiscal year.

Sundance Resources Ltd. (SDL AU), an iron-ore exploration company, rose 3.9 percent to 13.5 Australian cents. The company said it’s on schedule to complete a “definitive feasibility study” of its Mbalam project and announced a 93 percent increase in high-grade resource at the site.

To contact the reporters for this story: Shani Raja in Sydney at

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