AGL, BHP, Cabcharge, IOOF, Ramsay, Transfield: Australian Equity 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 fell 0.8 percent to 4,305 as of 6:59 a.m. in Sydney. The Bank of New York Australia ADR Index gained 0.8 percent. The S&P/ASX 200 Index rose 0.8 percent to 4,356.
Mining shares: Copper futures for December delivery rose 2.9 percent to close at $3.3255 a pound at 1:21 p.m. in New York.
BHP Billiton Ltd. (BHP AU), the world’s largest mining company, declined 0.1 percent to A$37.39 in Sydney. Its American depositary receipts rose 0.4 percent in New York trading.
Rio Tinto Group (RIO AU), the world’s third-largest miner, advanced 0.2 percent to A$69.60 in Sydney. Rio will give priority to boosting output by expanding its own operations rather than through acquisitions, Chief Executive Officer Tom Albanese said.
Separately, Rio and BHP may ask Chinese steelmakers to pay 11 percent less for fourth-quarter iron ore, researcher UC361.com said, citing average Platts index prices.
Oil companies: Crude oil for October delivery rose 1.2 percent to settle at $73.36 a barrel on the New York.
Woodside Petroleum Ltd. (WPL AU), Australia’s second- largest oil and gas producer, rose 0.5 percent to A$42.46.
AGL Energy Ltd. (AGK AU): Australia’s largest electricity and gas retailer was downgraded to “underperform” from “neutral” at Credit Suisse Group AG. Its shares dropped 1.8 percent to A$14.95.
Cabcharge Australia Ltd. (CAB AU): The operator of Australia’s largest taxi-payment system was raised to “outperform” from “neutral” at Credit Suisse. Cabcharge shares jumped 8.2 percent to A$4.60.
IOOF Holdings Ltd. (IFL AU): The Australian investment manager was downgraded to “neutral” from “outperform” at Credit Suisse. The stock gained 2.1 percent to A$6.38.
Ramsay Health Care Ltd. (RHC AU): Australia’s biggest private hospital operator was raised to “outperform” from “neutral” at Credit Suisse, to “buy” from “hold” at Deutsche Bank AG, to “buy” from “neutral” at UBS AG, and to “overweight” from “neutral” at JPMorgan Chase & Co. Ramsay’s shares climbed 0.7 percent to A$13.64.
Ten Network Holdings Ltd. (TEN AU): Australia’s third- ranked commercial television broadcaster was downgraded to “neutral” from “buy” at UBS. Its shares slumped 5.1 percent to A$1.475.
Transfield Services Ltd. (TSE AU): The Australian company that provides maintenance services to mining and infrastructure companies was raised to “outperform” from “neutral” at Credit Suisse. Deutsche Bank downgraded the stock to “sell” from “hold.” Transfield lost 3.8 percent to A$3.06.