Australia, N.Z. Stocks: Boart, Gunns, Macmahon, Perpetual, Pike River Coal
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Boart Longyear Ltd. (BLY AU) advanced 2.5 percent to A$3.72. The Australian provider of drilling services to mining companies had its stock rating raised to “buy” from “hold” by analysts led by Andrew Hodge at Royal Bank of Scotland Group Plc.
Gunns Ltd. (GNS AU) surged 22 percent to 78 Australian cents, the steepest jump since May 28. The Australian timber- products company was raised to “buy” from “neutral” at UBS AG.
Macmahon Holdings Ltd. (MAH AU) tumbled 21 percent to 54.5 Australian cents, the biggest drop since April 2009. The Australian mining and construction company forecast profit will break even this half, indicating annual earnings may be half analysts’ estimates.
Perpetual Ltd. (PPT AU) fell 2.7 percent to A$36.80. The company’s stock rating was cut to “hold” from “buy” at Royal Bank of Scotland Group Plc. Perpetual’s shares jumped 22 percent to A$37.80 yesterday after Kohlberg Kravis Roberts & Co. offered to buy the Australian asset manager.
Roc Oil Co. (ROC AU) gained 3.5 percent to 44 Australian cents. The energy explorer with assets in Australia, Asia and Africa, plans to spend as much as $140 million in China in the next two years to increase oil production, Chief Executive Officer Bruce Clement said.
PGG Wrightson Ltd. (PGW NZ), New Zealand’s largest agricultural services company, dropped 5.1 percent to 56 New Zealand cents after saying Managing Director Tim Miles has resigned effective immediately.
Pike River Coal Co. (PRC NZ), which mines on New Zealand’s South Island, plunged 11 percent to NZ$1.05, the biggest drop since October 2008, after it slashed its full-year production forecast.
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