BHP, Extract, Newcrest, Rakon, Santos, Toll, TPG: Australian, N.Z. Stocks
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Mining shares: Three-month delivery copper gained as much as 1.1 percent to $6,690 a metric ton in London.
BHP Billiton (BHP AU), the world’s largest mining company, increased 0.7 percent to A$38.43 in Sydney. Rio Tinto Group (RIO AU), the world’s third-largest mining company, climbed 1.6 percent to A$68.10.
Rio Tinto Chief Executive Officer Tom Albanese said “resource nationalism” may spread as governments around the world seek to raise taxes to boost their share of mining profits, potentially constraining supply.
Oil companies: Crude oil for August delivery rose as much as 0.7 percent to $75.95 a barrel on the New York Mercantile Exchange. It was at $75.92 at 2:12 p.m. in Singapore.
Extract Resources Ltd. (EXT AU) rose 3 percent to A$6.95. Itochu Corp., a Japanese trading house, agreed to buy a 10.3 percent stake in the Australian uranium explorer to benefit from global demand growth for the fuel.
Lynas Corp. Ltd. (LYC AU) rose 8.2 percent to 59.5 Australian cents. The Australian rare earths producer may benefit from China’s decision to cut export quotas for the minerals needed to make hybrid cars and televisions by 72 percent for the second half.
National Australia Bank Ltd. (NAB AU) gained 1.2 percent to A$24.04. Axa Asia Pacific Holdings (AXA AU) fell 0.9 percent to A$5.33. The Australian lender may not submit a new takeover offer to the Australian competition regulator for Axa Asia Pacific until the week beginning July 19, the Australian Financial Review reported in its Street Talk column, without saying where it got the information.
Platinum Asset Management Ltd. (PTM AU) rose 8.5 percent to A$4.83. The Australian fund manager controlled by Kerr Neilson was raised to “accumulate” from “hold” at Ord Minnett Group Ltd. by equity analyst Stephen Scott.
Santos Ltd. (STO AU) surged 9.7 percent to A$14, the biggest gain since Nov. 25, 2008, after newspapers reported Royal Dutch Shell Plc may buy a stake in a A$16.4 billion ($14 billion) gas project in Queensland. Australia’s third-largest oil and gas producer remains in “detailed ongoing discussions with a number of parties in relation to potential LNG sales, equity in the project and collaboration” between Queensland LNG ventures, the Adelaide-based company said in a statement.
Toll Holdings Ltd. (TOL AU) increased 1.4 percent to A$5.94. Australia’s largest trucking and freight company agreed to buy WT Sea Air Group and Genesis Forwarding Group for about A$150 million to expand in the U.K.
TPG Telecom Ltd. (TPM AU) rose 1.4 percent to A$1.825. Telecom Corp. of New Zealand Ltd. has delayed the deadline for bids for its Australian unit AAPT until the end of next week as TPG Telecom Ltd. continues a due diligence study, the Australian Financial Review reported, without saying where it got the information.
Rakon Ltd. (RAK NZ) gained 1 percent to 97 New Zealand cents. The supplier of half the world’s crystal oscillators for global positioning systems had its stock rated “hold” in new coverage by Deutsche Bank AG analysts led by Dennis Lee.