Related News:
APA, Aquarius, BHP, Iluka, St. Barbara, Wesfarmers: Australia, N.Z. Stocks
Australia’s S&P/ASX 200 Index rose 0.2 percent to 4,541.20 at the 4:10 p.m. close of trading in Sydney. The benchmark index gained 3.9 percent this week. New Zealand’s NZX 50 Index advanced 0.8 percent to 3,107.43 at the 5 p.m. close in Wellington, rising 3.3 percent this week.
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Andean Resources Ltd. (AND AU) shares surged 31 percent to A$6.40 before trading was halted. Goldcorp Inc., the second- biggest Canadian gold producer by market value, agreed to buy Andean for about C$3.6 billion ($3.4 billion) in cash and stock, trumping an all-share bid from Eldorado Gold Corp.
APA Group (APA AU) gained 3.5 percent to A$3.89. The company, whose pipelines carry more than half Australia’s natural gas, was raised to “buy” from “hold” by analysts at Royal Bank of Scotland Group Plc.
Aquarius Platinum Ltd. (AQP AU), the fourth-largest producer of the metal, climbed 3.4 percent to A$5.17. Aquarius was raised to “top pick” from “sector perform” at RBC Capital Markets Ltd.
Fortescue Metals Group Ltd. (FMG AU) fell 1.8 percent to A$4.80. Australia’s third-biggest iron-ore producer said shareholder Leucadia National Corp. is seeking to have courts rewrite terms of its investment agreement to thwart Fortescue from issuing additional securities.
Iluka Resources Ltd. (ILU AU) rose 5 percent to A$5.94. The world’s biggest zircon producer had its stock rating raised to “buy” from “hold” by analysts at Goldman Sachs & Partners Australia Pty.
Nufarm Ltd. (NUF AU) dropped for a fourth day, losing 3.1 percent to A$3.39. Standard & Poor’s Ratings Services said it placed Nufarm’s ratings on CreditWatch with negative implications, citing concerns over the company’s liquidity position and its ability to improve profitability.
Sigma Pharmaceuticals Ltd. (SIP AU) fell 2.1 percent to 47.5 cents. The Melbourne-based company said it received correspondence foreshadowing a proposed shareholder class action against Sigma relating to alleged non-disclosure by the company prior to its capital raising in September 2009. “If legal proceedings are issued, Sigma intends to vigorously defend them,” the company said.
St. Barbara Ltd. (SBM AU) advanced 4.1 percent to 38 Australian cents. The gold exploration and production company had its stock rating raised to “buy” from “hold” by analysts at Goldman Sachs & Partners Australia Pty.
Wesfarmers Ltd. (WES AU) climbed 0.9 percent to A$33.60. Australia’s second-largest retailer has walked away from the auction of Griffin Coal Mining Co. after eight months of research, the Australian Financial Review reported in its Street Talk Column, citing Wesfarmers Chief Executive Officer Richard Goyder.
To contact the reporter for this story: Lisa Pham in Sydney at lpham14@bloomberg.net.
Rate These Stories
Rate this Page