Australian, N.Z. Stocks: Austar, White Energy, Rio, Methven
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Cudeco Ltd. (CDU) surged 7.6 percent to A$3.84. The exploration company said mineral deposits at its Wilgar prospect extended from the surface to at least 45 meters (148 feet) deep in places.
Sundance Resources Ltd. (SDL AU) fell 6.3 percent to 37.5 Australian cents. The subject of a A$1.65 billion buyout offer from Sichuan Hanlong Group dropped by the most in two months in Sydney trading on concern the deal may not succeed.
Austar United Communications Ltd. (AUN) fell 1.3 percent to A$1.155. The Australian Competition and Consumer Commission’s timeline for the review of a proposed merger of Austar and Foxtel has been suspended at the request of Foxtel to allow it to make further submissions.
White Energy Co. Ltd. (WEC) rose 2.2 percent to 46 Australian cents. The company is assessing all its options including legal recourse in relation to its 51 percent owned PT Kaltim Supacoal unit, according to a regulatory filing. White Energy has provided a notice to PT Bayan Resources that the partner is in breach of its obligations under the joint venture, the company said.
Rio Tinto Group (RIO) gained 0.4 percent to A$63.50. Cameco Corp., the world’s largest uranium producer, said yesterday it won’t raise its hostile bid for Canada’s Hathor Exploration Ltd. a second time to surpass a C$654 million ($632 million) friendly offer from Rio Tinto.
Methven Ltd. (MVN) rose 6.7 percent to NZ$1.11. The New Zealand maker of taps said its U.K. unit had returned to profitability and its Asian business is showing promise. Net profit fell 25 percent to NZ$3.2 million in the six months ended Sept. 30 amid a decline in the Australian and New Zealand housing markets. Full-year earnings will be between NZ$6 million and NZ$8 million, the Auckland-based company said.
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