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Australia, N.Z. Stocks: Lend Lease, Macarthur Coal, Telecom

May 24 (Bloomberg) -- Australia’s S&P/ASX 200 Index fell 0.3 percent to 4,628.80 at the 4:10 p.m. close of trading in Sydney. New Zealand’s NZX 50 Index climbed 0.2 percent to 3,559.55 at the 5 p.m. close in Wellington.

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

Lend Lease Group (LLC AU) gained 0.8 percent to A$8.42. The company plans to sell its half of the King of Prussia shopping mall, the largest shopping center on the U.S. east coast, to a Morgan Stanley fund for about $545 million, the Sydney-based company said in a statement to the Australian stock exchange.

Macarthur Coal Ltd. (MCC AU) dropped 1.8 percent to A$11.62 after the coal producer had its stock rating cut to “sell” from “hold” by analysts at Citigroup Inc.

Telecom Corp. of New Zealand Ltd. (TEL AU) rose 8.2 percent to A$1.85 in Sydney, while in Wellington the shares surged 6.8 percent to NZ$2.435. New Zealand’s government agreed to partner Telecom to provide an ultra-fast broadband network, triggering a demerger of the nation’s largest telephone company.

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.

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