Australia, N.Z. Stocks: Extract, Medusa, Restaurant Brands
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Gold producers: Gold rose to a record for a second day in New York yesterday on demand for the precious metal as a hedge against inflation.
Medusa Mining Ltd. (MML AU), Australia’s second-biggest gold producer by market capitalization, added 7 percent to A$7.93. St. Barbara Ltd. (SBM AU) gained 3.9 percent to A$2.40.
ASX Ltd. (ASX) fell 0.8 percent to A$33.48. A key reason behind Australia’s proposed rejection of Singapore Exchange Ltd.’s bid for ASX was concern over potential “systemic risks” to the financial system, the Australian Financial Review reported. Singapore Exchange had responded to the Foreign Investment Review Board without amending the bid, according to a regulatory filing. Extract Resources Ltd. (EXT) surged as much as 5.3 percent before closing 0.4 percent higher at A$8.38. The producer estimates a uranium price of $65 a pound in 2014, when it will start production at its Husab mine in Namibia, Chairman Stephen Galloway said. Uranium spot prices fell 5.6 percent in the week through April 4 to $59 a pound as demand for the nuclear fuel declined due to the crisis at Japan’s Fukushima Dai-Ichi atomic power station, Ux Consulting Co. said yesterday.
Restaurant Brands NZ Ltd. (RBD NZ) gained 3.4 percent to NZ$2.45 after the owner of KFC, Pizza Hut and Starbucks franchises reported fiscal 2011 net income.
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