Bow, CuDeco, Infigen, Murchison, Qantas, Seek: Australian, N.Z. Equities
Australia’s S&P/ASX 200 Index slipped 0.8 percent to 4,692.70 at the 4:10 p.m. close of trading in Sydney. New Zealand’s NZX 50 Index declined 0.6 percent to 3,310.58 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.
Bow Energy Ltd. (BOW AU) slumped 9.6 percent to A$1.175. The Australian coal-seam gas explorer reported completion of an A$48.4 million ($48.3 million) institutional placement.
CuDeco Ltd. (CDU AU) jumped 9.8 percent to A$3.35 after the company reported drilling results for the Rocklands copper project in Australia.
Murchison Metals Ltd. (MMX AU) lost 4.7 percent to A$1.315. Oakajee Port & Rail Pty will need to change its plan to accommodate any future expansion beyond the 45 million tons a year of iron ore that will initially be exported from the Western Australian project, the West Australian newspaper reported, citing a document by technical experts GHD. The project is a venture between Japan’s Mitsubishi Corp. and Australia’s Murchison Metals.
Primary Health Care Ltd. (PRY AU) gained 5.6 percent to A$3.22. The company said its earnings before interest, tax, depreciation and amortization guidance for FY2011 is A$330 million to A$340 million, before deducting non-recurring one-off costs of A$34.7 million.
Qantas Airways Ltd. (QAN AU) declined 2.4 percent to A$2.80. Australia’s largest airline will keep its fleet of Airbus SAS A380 planes grounded for at least another 48 hours after a mid- flight turbine explosion, the Australian Financial Review reported, citing an interview with Chief Executive Officer Alan Joyce.
Seek Ltd. (SEK AU) fell 4.3 percent to A$6.70 after the Internet job-advertisement site issued a trading update.
Goodman Fielder Ltd. (GFF NZ) dropped 6 percent to NZ$1.88. Goodman Fielder and Cargill Inc. have agreed to formally terminate an agreement covering the sale of Goodman’s edible fats and oils business to Cargill, after the Australian Competition and Consumer Commission said it intends to continue to oppose the transaction.
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