Australia, N.Z. Stocks: Kingsgate, Macarthur, Spotless, Telecom
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Gold producers: Gold futures for June delivery rose 0.4 percent to settle at $1,515.40 an ounce on the Comex in New York yesterday.
Spotless Group Ltd. (SPT) climbed 1.3 percent to A$2.43. The company’s board is in preliminary talks with Blackstone Group LP after rejecting a A$657 ($691 million) million takeover proposal earlier this month, the Australian Financial Review reported in its Street Talk column, without saying where it got the information.
Macarthur Coal Ltd. (MCC) dropped 1.9 percent to A$11.61 after the coal producer had its stock rating cut to “sell” from “hold” by analysts at Citigroup Inc.
Seven West Media Ltd. (SWM AU) gained 0.5 percent to A$4.42. The media company was raised to “buy” from “hold” at Deutsche Bank AG.
Telecom Corp. of New Zealand Ltd. (TEL NZ) surged 6.6 percent to NZ$2.43. New Zealand’s government agreed to partner Telecom Corp. to provide an ultra-fast broadband network, triggering a demerger of the nation’s largest telephone company. In Sydney, the shares rose 7 percent to A$1.83.
To contact the reporter on this story: Shani Raja in Sydney at email@example.com.
To contact the editors responsible for this story: Nick Gentle at firstname.lastname@example.org.