Australian, N.Z. Stocks: Independence Group, Kagara, JB Hi-Fi

Australia’s S&P/ASX 200 Index fell 0.2 percent to 4,186.80 at 10:30 a.m. in Sydney. New Zealand’s NZX 50 Index dropped 0.3 percent to 3,284.41 in Wellington.

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

Bank of Queensland Ltd. (BOQ) declined 1.2 percent to A$7.75 after a report in the Australian Financial Review’s Street Talk column said that shareholder BRED Banque Populaire is mulling the sale of a stake in the bank.

BHP Billiton Ltd. (BHP) decreased 1.2 percent to A$35.40 after agreeing to transfer 8 percent of shares in BHP Billiton Energy Coal South Africa, known as Becsa, to the Pembani Group (Pty) Ltd.

Independence Group NL (IGO) slid 9.9 percent to A$3.92 after selling shares to raise A$118 million to help fund development of the Tropicana gold project in Western Australia.

JB Hi-Fi Ltd. (JBH) rose 0.7 percent to A$15.36 after announcing the introduction of a music subscription service that will give customers access to more than 10 million songs.

Kagara Ltd. (KZL) slipped 8.8 percent to 31 Australian cents after selling shares to raise A$25 million ($25 million) to complete the acquisition of the Einasleigh copper project.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

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

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