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BHP, Infigen, Kingsgate, QBE, Rio, Sims, Woodside: 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 dropped 1.2 percent to 4,392 as of 6:59 a.m. in Sydney. The Bank of New York Australia ADR Index declined 1 percent. The S&P/ASX 200 Index rose 1.9 percent to 4,452.70.
Mining shares: Copper futures for December delivery rose 1.3 percent to settle at $3.4295 a pound at 1:16 p.m. in New York.
BHP Billiton Ltd. (BHP AU), the world’s largest mining company, advanced 1.5 percent to A$37.87 in Sydney. Its American depositary receipts fell 1.3 percent in New York trading.
Rio Tinto Group (RIO AU), the world’s third-largest miner, gained 2.5 percent to A$71.01 in Sydney.
Rio will spend about $1 billion on a new mine in Australia, a joint venture with Gina Rinehart’s Hope Downs Iron Ore Pty., the London-based company said in a statement.
Oil companies: Crude oil for October delivery fell 0.6 percent to settle at $74.70 a barrel on the New York Mercantile Exchange.
Woodside Petroleum Ltd. (WPL AU), Australia’s second- largest oil and gas producer, climbed 0.8 percent to A$42.45.
Centro Retail Group (CER AU): The real-estate investment trust had its stock rating cut to “neutral” from “overweight” by analysts led by Rob Stanton at JPMorgan Chase & Co. Its shares jumped 6.5 percent to 16.5 Australian cents.
Infigen Energy (IFN AU): The Australian wind-power producer had its stock rating raised to “buy” from “hold” by analysts led by William Allott at Royal Bank of Scotland Group Plc. The stock gained 3.1 percent to 66 Australian cents.
Kangaroo Resources Ltd. (KRL AU): The Australian coal producer received bids for a thermal coal mine in East Kalimantan province of Indonesia and is looking to complete a deal within the next few weeks, Jerko Zuvela, chief geologist of the Perth-based company, said by phone. Its shares were unchanged at 12.5 Australian cents.
Kingsgate Consolidated Ltd. (KCN AU): Kingsgate’s plan to list its 51 percent-owned Thai division is in doubt because shareholder Sinphum Co. hasn’t yet agreed to the plan, the Australian Financial Review said, citing Kingsgate Chief Executive Officer Gavin Thomas. The shares increased 2.8 percent to A$9.92.
QBE Insurance Group Ltd. (QBE AU): QBE denied a report that the company hired a recruitment agency to find a successor for Chief Executive Officer Frank O’Halloran, the Australian Financial Review said, citing Chief Financial Officer Neil Drabsch. QBE, Australia’s biggest insurer by market value, gained 0.8 percent to A$16.74.
Sims Metal Management Ltd. (SGM AU): The world’s biggest recycler of scrap metal was downgraded to “hold” from “buy” by analysts at BBY Ltd. The stock rose 2.6 percent to A$16.79.
To contact the reporter for this story: Lisa Pham in Sydney at lpham14@bloomberg.net.
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