Australian, N.Z. Stocks: Adelaide, Eldorado, Newcrest, Sky City

Australia’s S&P/ASX 200 Index (AS51) slipped 0.9 percent to 4,699.80 at the 4:10 p.m. close of trading in Sydney. New Zealand’s NZX 50 Index (NZSE50FG) gained 0.4 percent to 3,333.49 at the 5 p.m. close in Wellington.

The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.


Gold producers: Newcrest Mining Ltd. (NCM) , Australia’s largest gold producer, dropped 2.6 percent to A$42.29 as gold futures fell as much as 1.4 percent today. Eldorado Gold Corp. (EAU AU), a producer of the metal in China, slumped 5 percent to A$17.81.

Adelaide Brighton Ltd. (ABC) dropped 4.3 percent to A$3.12. The Australian producer of construction materials was downgraded to “neutral” from “outperform” at Credit Suisse Group AG, to “hold” from “buy” at Citigroup Inc., and to “neutral” from “overweight” at JPMorgan Chase & Co.

Equinox Minerals Ltd. (EQN AU) lost 5.1 percent to A$5.74. The copper mining company’s stock was downgraded to “market perform” from “buy” at Cormark Securities.

Gindalbie Metals Ltd. (GMG) rose 2.3 percent to A$1.125 after saying it completed a share placement to its joint venture partner, Ansteel.

SP Ausnet (SPN AU), which manages an electricity and gas network, gained 1.1 percent to 92.5 Australian cents after reporting first-half net profit.

New Zealand:

Sky City Entertainment Group Ltd. (SKC) declined 0.3 percent to NZ$3.21. New Zealand’s largest casino operator said that Skyline Enterprises rejected a cash offer from the company to buy the 50 percent stake in Christchurch Casino that it doesn’t own.

To contact the reporter for this story: Shani Raja in Sydney at

To contact the editor responsible for this story: Nick Gentle at

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