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AWB, BHP, Foster's, Healthscope, Rio, OZ Minerals: Australia Stock Preview
The following is a list of companies whose shares may rise or fall in Australia. This preview includes news announced after markets closed yesterday. All prices are from yesterday’s close unless otherwise stated.
The S&P/ASX 200 Index futures contract due in September declined 0.1 percent to 4,325 as of 6:59 a.m. in Sydney. The Bank of New York Australia ADR Index rose 0.5 percent. The S&P/ASX 200 Index fell 1.5 percent to 4,358.30.
Mining shares: Copper futures for September delivery rose 0.3 percent to $2.938 a pound New York.
BHP Billiton (BHP AU), the world’s largest mining company, fell 1.1 percent to A$37.75 in Sydney. Its American depositary receipts increased 0.8 percent in New York trading. Rio Tinto Group (RIO AU), the world’s third-largest mining company, dropped 1.1 percent to A$65.03 in Sydney.
Rio Tinto said initial output at its A$1.86 billion ($1.62 billion) Argyle diamond mine underground expansion will start within two years as global demand recovers. About 50 percent of the underground project is complete, London-based Rio said in an e-mailed statement. Initial output is planned for May 2012 and it should be at full production rate at 2013, it said.
Oil companies: Crude oil for August delivery rose 0.7 percent to settle at $76.54 a barrel on the New York Mercantile Exchange.
Woodside Petroleum Ltd. (WPL AU), Australia’s second- largest oil and gas producer, dropped 1.9 percent to A$41.75. Rival Santos Ltd. (STO AU) gained 0.4 percent to A$13.71.
Gold producers: Gold futures for August delivery fell 0.5 percent to $1,181.90 in New York.
Newcrest Mining Ltd. (NCM AU), Australia’s biggest gold producer declined 1.8 percent to A$33.67.
AWB Ltd. (AWB AU): Australian wheat sales will benefit from adverse weather conditions affecting Russia, Kazakhstan, Canada and Europe, AWB General Manager Commodities Mitch Morison said in a statement. AWB, Australia’s former monopoly wheat exporter, fell 2.5 percent to 97.5 Australian cents.
Foster’s Group Ltd. (FGL AU): Australia’s largest brewer has drawn interest from at least two investment banks conducting due diligence on behalf of clients, which may make a potential takeover bid for the company’s beer unit, the Age newspaper reported, without saying where it got the information. Foster’s fell 0.9 percent to A$5.80.
Healthscope Ltd. (HSP AU): The hospital operator was downgraded to “neutral” from “buy” at UBS AG by equity analyst Andrew Goodsall. Healthscope surged 10 percent to A$5.94.
OZ Minerals Ltd. (OZL AU): The copper and gold producer was downgraded to “neutral” from “outperform” at Credit Suisse Group AG by equity analyst Michael Slifirski. OZ Minerals increased 0.4 percent to A$1.135.
To contact the reporters for this story: Lisa Pham in Sydney at lpham14@bloomberg.net. Shani Raja in Sydney at sraja4@bloomberg.net.
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