Breaking News

3 Big European Oil Companies Get Negative Outlook From S&P Over Price of Crude
Tweet TWEET

Australia, N.Z. Stocks: Newcrest, Qantas, Rakon, Rio, Sigma

Australia’s S&P/ASX 200 Index gained 1.4 percent to 4,822.20 at the 4:10 p.m. close of trading in Sydney, setting it on course for its third straight quarterly advance.

New Zealand’s NZX 50 Index (NZSE50FG) added 0.4 percent to 3,433.16 at the 5 p.m. close in Wellington, completing 11 straight days of gains.

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

Australia:

Mining companies: A measure of primary metals traded in London gained 0.9 percent yesterday.

BHP Billiton Ltd. (BHP) , the world’s No. 1 mining company, added 2 percent to A$45.61. Rio Tinto Group (RIO AU), the world’s second-largest mining company by sales, climbed 2.4 percent to A$84.28. Riversdale Mining Ltd. (RIV) , target of a A$3.9 billion ($4 billion) takeover bid from Rio Tinto, rose 2.1 percent to A$16.44 after London-based Rio yesterday declared its offer free of conditions.

Bradken Ltd. (BKN) gained 4.7 percent to A$7.84 after the supplier of tools and services to mining companies was raised to “outperform” from “neutral” at Credit Suisse Group AG.

JB Hi-Fi Ltd. (JBH) climbed 1 percent to A$20.03. The Australian electronics retailer was raised to “outperform” from “neutral” at Credit Suisse Group AG.

Newcrest Mining Ltd. (NCM) , Australia’s largest gold producer, rallied 3.7 percent to A$39.93. Harmony Gold Mining Co., Africa’s third-largest producer of the metal, said the company’s Wafi-Golpu joint venture with Newcrest in Papua New Guinea may be three times the size of its next biggest mine.

Qantas Airways Ltd. (QAN) advanced 1.9 percent to A$2.19 after Australia’s biggest airline said it will retire some aircraft and reduce capacity to deal with the impact of rising oil costs and natural disasters in Japan, New Zealand and Australia.

“It’s good to see management quick to take actions aimed at minimizing the impacts of some of these challenges,” said Will Seddon, who helps manage about $350 million at White Funds Management Pty in Sydney.”

Sigma Pharmaceuticals Ltd. (SIP) surged 4.3 percent to 48.5 Australian cents after the drugmaker announced a special dividend of 15 Australian cents.

New Zealand:

Rakon Ltd. (RAK) jumped 9.5 percent to NZ$1.15. The New Zealand-based supplier of crystal oscillators for global positioning systems said it is continuing to see “significant growth” in demand for its products designed for smart phones and tablet computers, and that it expects this to continue.

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

To contact the editors 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.