Adelaide, BHP, Centro Properties, Newcrest, Rio: Australian 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. All prices are from yesterday’s close unless otherwise stated.

The S&P/ASX 200 Index futures contract due in December slipped 0.3 percent to 4,740 as of 7:59 a.m. in Sydney. The Bank of New York Australia ADR Index declined 3 percent. The S&P/ASX 200 Index lost 0.8 percent to 4,740.70.

Mining shares: Copper topped $4 a pound, extending a rally to a 28-month-high, as speculation mounted that the U.S. dollar will weaken. Copper futures for delivery in December added 2.2 percent to close at $4.043 a pound at 1:35 p.m. in New York.

BHP Billiton Ltd. (BHP AU), the world’s largest mining company, fell 1.2 percent to A$44.64 in Sydney. Its American depositary receipts dropped 1.9 percent in New York trading.

Rio Tinto Group (RIO AU), the world’s third-biggest miner, lost 0.4 percent to A$87.04 in Sydney.

Gold producers: Gold advanced to another record on speculation that European governments may struggle to pay debt.

Newcrest Mining Ltd. (NCM AU), Australia’s largest gold producer, climbed 1.8 percent to A$43.41.

Adelaide Brighton Ltd. (ABC AU): The Australian producer of construction materials was downgraded to “neutral” from “outperform” at Credit Suisse Group AG. Its shares tumbled 11 percent to A$3.26.

Centro Properties Group (CNP AU): The Australian shopping- mall owner may allow Cromwell Group to conduct due diligence over the Centro syndicates management business, the Australian Financial Review reported in its Street Talk column, without saying where it got the information.

The deal may involve A$1.5 billion ($1.5 billion) of the Centro syndicate’s best assets, the newspaper said. Centro shares were unchanged at 16.5 Australian cents.

Leighton Holdings Ltd. (LEI AU): Australia’s Takeovers Panel has received an application from Hochtief AG seeking a review of the panel’s decision allowing Actividades de Construccion y Servicios SA to proceed with a takeover bid of Leighton Holdings. A review panel has not been appointed at this stage and no decision has been made whether to conduct proceedings, a stock-exchange filing showed. Australia’s biggest construction company fell 1.3 percent to A$33.09.

To contact the reporter for this story: Shani Raja in Sydney at sraja4@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.