Australian, N.Z. Stocks: Aquarius, Billabong, Lynas, Newcrest
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Aquarius Platinum Ltd. (AQP) , the fourth-largest producer of the metal felling 5.9 percent to A$2.08 after Zimbabwe rejected a joint proposal with Impala Platinum Holdings Ltd. to meet local ownership rules.
Austar United Communications Ltd. (AUN) climbed 5.5 percent to A$1.335 after the Australian Competition and Consumer Commission said it hasn’t come to any decision on the takeover bid by Australia’s largest pay-television company, Foxtel, for the company.
Beach Energy Ltd. (BPT) dropped 5.4 percent to A$1.67. The company reported first-half profit of A$56.3 million ($60 million), ahead of its forecast range of A$50 million to A$55 million.
Billabong International Ltd. (BBG) gained 4.8 percent to A$3.05 after Australia’s largest surf-wear company rejected a A$765 million takeover proposal from buyout firm TPG Capital and said talks continue to try to get a higher offer.
Intrepid Mines Ltd. (IAU) , an Australian company that explores for gold in Indonesia, gained 1.5 percent to A$1.35 after the company said its drilling program at Tujuh Bukit returned the highest grade copper and gold intersection to date.
Lynas Corp. (LYC) , an Australian mining company building the world’s largest refinery of rare earths in Malaysia, fell 4.7 percent to A$1.23. China, the biggest supplier of rare earths, may almost double exports this year and meet quotas set by the government as lower prices stimulate demand.
Newcrest Mining Ltd. (NCM) , Australia’s largest gold mining company, fell 3 percent to A$33.51. The stock was cut to “neutral” from “overweight” by analysts at JPMorgan and was cut to “neutral” from “buy” by analysts at UBS AG.
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