Australia, N.Z. Stocks: Adelaide, Avoca, Lynas, Tower Australia
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Gold producers: Gold futures for February delivery advanced as much as 1.8 percent in New York yesterday.
Adelaide Brighton Ltd. (ABC AU) rose 3.4 percent to A$3.31. The Australian producer of construction materials was raised to “buy” from “hold” at Deutsche Bank AG.
ING Industrial Fund (IIF AU) gained 3.9 percent to 53 Australian cents. The board of ING Management Ltd. will recommend shareholders of ING Industrial accept a takeover offer from a Goodman Group Ltd. (GMG AU)-led consortium. Goodman’s shares were little changed.
Lynas Corp. (LYC AU), a rare-earth developer, jumped 12 percent to A$1.81 after China’s Ministry of Commerce cut its rare-earth export quota for the first half of 2011. Arafura Resources Ltd. (ARU AU) gained 9.4 percent to A$1.335.
Tower Australia Group Ltd. (TAL AU) leapt 42 percent to A$3.87 after Dai-ichi Life Insurance Co. agreed to take over the insurer.
PGG Wrightson Ltd. (PGW NZ) fell 1.8 percent to 55 New Zealand cents. Agria Corp. said it doesn’t currently plan to acquire more than 50.01 percent of the company and that it has committed, in a draft offer document, not to make a further takeover offer at a higher price for 12 months.
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