BHP, Karoon, Medusa, Newcrest, ResMed, Roc, Ten: 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: Copper advanced from London to Shanghai as investors sought alternatives to a declining dollar and as manufacturing accelerated in China, the world’s largest user of industrial metals.
Gold producers: Gold futures for December delivery rose 1.1 percent to settle at $1,357.60 in New York on Oct. 29. Gold gained as much as 0.7 percent today.
CuDeco Ltd. (CDU AU), seeking to build the Rocklands project in Australia, leapt 8.8 percent to A$2.60 after saying in a statement that drilling continues to deliver high-grade copper results.
Gunns Ltd. (GNS AU) fell 3.7 percent to 65 Australian cents. The nation’s biggest woodchip exporter was downgraded to “sell” from “hold” at Deutsche Bank AG.
Karoon Gas Australia Ltd. (KAR AU) surged 5.6 percent to A$9.88. ConocoPhillips’ partner in a gas venture off northwest Australia was raised to “outperform” from “neutral” by analysts at Macquarie Group Ltd.
ResMed Inc. (RMD AU), the world’s second-biggest maker of machines to overcome night-time breathing disorders, slumped 4.1 percent to A$3.27. Goldman Sachs Group Inc. cut its rating on the stock to “hold,” citing a weaker-than-expected sales outlook for the company.
Roc Oil Co. (ROC AU) dropped 1.2 percent to 41 Australian cents. The energy explorer with assets in Australia, Asia and Africa had its stock rating cut to “neutral” from “buy” by analysts led by Gordon Ramsay at UBS AG.
Ten Network Holdings Ltd. (TEN AU) advanced 1.4 percent to A$1.46. The broadcaster offered James Packer and Lachlan Murdoch a board seat each less than two weeks after Packer’s Consolidated Press Holdings Ltd. acquired an 18 percent stake in Australia’s third-ranked television broadcaster.
Contact Energy Ltd. (CEN NZ), New Zealand’s biggest publicly traded power company, gained 1 percent to NZ$5.91. Contact said it received preliminary approval for its proposed Tauhara II geothermal generation development in the central North Island.
To contact the editor responsible for this story: Darren Boey at email@example.com.