Australian, N.Z. Stocks: AXA, Karoon Gas, NAB, Santos, Telecom
Australia’s S&P/ASX 200 Index (AS51) rose 1 percent to 4,582.20 at the 4:10 p.m. close of trading in Sydney. New Zealand’s NZX 50 Index (NZSE50FG) declined 0.3 percent to 3,151.77 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.
AXA Asia Pacific Holdings Ltd. (AXA AU) plunged 6.6 percent to A$5.08 after the Australian Competition & Consumer Commission opposed a bid for the company by National Australia Bank Ltd. (NAB) . NAB rose 3.7 percent to A$24.84.
Karoon Gas Ltd. (KAR) jumped 5.1 percent to A$7.00. ConocoPhillips’ partner in a venture off Australia’s northwest coast expects to retain as much as 75 percent ownership of its Brazilian unit if it decides to proceed with a share sale before the end of the year, according to a regulatory filing.
OceanaGold Corp. (OGC) shares fell 2.6 percent to A$3.75, the first drop since Aug. 24. The mining company had its stock rating downgraded to “neutral” by analysts at Macquarie Group Ltd.
Santos Ltd. (STO) , Australia’s third-largest oil and gas producer, dropped 7 percent to A$12.79. Total SA, Europe’s third-largest oil producer, agreed to acquire 20 percent of Santos’s proposed liquefied natural gas project in Australia’s Queensland state for more than A$860 million ($790 million).
Virgin Blue Holdings Ltd. (VBA AU) declined 3.4 percent to 43 Australian cents. Australia’s second-largest airline said the company and Delta Air Lines Inc. are working with the U.S. Department of Transportation over the next 14 days to respond to the concerns raised in relation to the airlines’ proposed joint venture.
Construction-related companies: New Zealand’s economy may be boosted next year by spending on reconstruction after a magnitude 7.0 earthquake damaged the city of Christchurch, Finance Minister Bill English said.
Cavalier Corp. Ltd. (CAV) , a carpet supplier to residential and commercial property owners, jumped 5.7 percent to NZ$2.80. The shares have surged 9.4 percent this week.
Fletcher Building Ltd. (FBU) , the nation’s largest supplier of building products, rose 0.7 percent to NZ$8.22. Steel & Tube Holdings Ltd. (STU) , a New Zealand distributor of roofing iron and reinforcing steel, advanced 1.7 percent to NZ$2.46.
Telecom Corp. of New Zealand (TEL NZ) fell the most in more than three months, dropping 5.2 percent to NZ$2.02. The government indicated it may not favor the nation’s biggest phone company’s proposal to be a partner in a national broadband network.
To contact the editor responsible for this story: Darren Boey at email@example.com.