Alinta, APA, BHP, Caltex, Foster's, Rio, Newcrest: Australia Stock Preview
Sept. 6 (Bloomberg) -- Rhett Kessler, who helps manage about $1 billion at Pengana Capital Ltd. in Sydney, talks about his investment strategy for Australian stocks. Kessler also discusses the outlook for Reserve Bank of Australia monetary policy and the U.S. economy. He speaks with Susan Li on Bloomberg Television. (Source: Bloomberg)
The following is a list of companies whose shares may rise or fall in Australia. This preview includes news announced after markets closed on Sept. 3. All prices are from that day’s close unless otherwise stated.
The S&P/ASX 200 Index futures contract due in September rose 1.1 percent to 4,587 as of 6:59 a.m. in Sydney. The Bank of New York Australia ADR Index advanced 0.7 percent. The S&P/ASX 200 Index gained 0.2 percent to 4,541.20.
Mining shares: Copper futures for December delivery climbed 0.4 percent to $3.508 a pound at 10:24 a.m. in New York.
BHP Billiton Ltd. (BHP AU), the world’s largest mining company, was little changed at A$38.33 in Sydney. Its American depositary receipts climbed 0.9 percent in New York trading.
Rio Tinto Group (RIO AU), the world’s third-biggest miner, gained 0.9 percent to A$73.79 in Sydney.
Oil companies: Crude oil for October delivery declined 0.6 percent to settle at $74.60 a barrel on the New York Mercantile Exchange.
Caltex Australia Ltd. (CTX AU), the nation’s biggest oil refiner, climbed 0.4 percent to A$11.39.
Woodside Petroleum Ltd. (WPL AU), Australia’s second- largest oil and gas producer, rose 0.4 percent to A$43.38.
Woodside said Chief Executive Don Voelte sold 40,000 shares in the company, representing 10 percent of his total interest in Woodside. The proceeds from the sale will be used to manage tax liabilities arising from the venting of Woodside shares, the Perth-based company said in a statement to the Australian stock exchange.
Alinta Energy Ltd. (AEJ AU) and APA Group (APA AU): ACWA Power International, advised by HSBC, may bid for all of Alinta’s assets on Sept. 10, the Australian Financial Review reported in its Street Talk column. BHP is still looking at individual assets and the utility company as a whole, and APA Group is also considering the business, the newspaper reported, without saying where it got the information. Alinta fell 3.9 percent to 4.9 Australian cents. APA Group rose 3.5 percent to A$3.89.
Foster’s Group Ltd. (FGL AU): Australia’s biggest beer and wine maker was downgraded to “underweight” from “neutral” by analysts at JPMorgan Chase & Co. The stock dropped 0.5 percent to A$6.07.
Newcrest Mining Ltd. (NCM AU): Australia’s largest gold mining company, set to buy smaller rival Lihir Gold Ltd. for $9.6 billion, said it’s eyeing further merger and acquisition opportunities in the Asia-Pacific region and West Africa. Newcrest climbed 1.7 percent to A$38.72.
Qantas Airways Ltd. (QAN AU): Australia’s largest airline is considering starting flights to either Sao Paulo or Rio de Janiero in Brazil, the Sydney Morning Herald reported, without saying where it got the information. Qantas shares were unchanged at A$2.53.
To contact the reporter for this story: Lisa Pham in Sydney at lpham14@bloomberg.net.
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