Australian, N.Z. Stocks: Graincorp, Paladin, Coal of Africa
Australia’s S&P/ASX 200 Index gained 0.2 percent to 4,861.90 as of the 4:10 p.m. close of trading in Sydney. New Zealand’s NZX 50 Index (NZSE50FG) rose 0.4 percent to 3,465.17 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.
Coal of Africa Ltd. (CZA) dropped 1.7 percent to A$1.19. The miner may abandon its Vele project in South Africa because of objections from environmental groups that have delayed mining, the Sunday Times’s Business Times reported April 17, citing Chief Executive Officer John Wallington.
Goodman Group (GMG) fell 1.4 percent to 69 Australian cents. The Australian industrial real-estate investment trust is expected to sweeten its hostile 1.4 billion-euro ($2 billion) takeover bid for industrial real estate ProLogis European Property Fund, the Australian Financial Review reported on April 16. Goodman and its Dutch pension-fund partner, APG Algemene Pensionen Groep NV, will raise their offer to 6.20 euro from 6 euro a share, the newspaper said.
Graincorp Ltd. (GNC) rose 3 percent to A$7.91, its biggest gain since Jan. 10. The Australian Financial Review reported today in its Street Talk column that an unidentified overseas company has met investment banks to discuss a possible bid for Graincorp.
OM Holdings Ltd. (OMH) , an Australian-traded manganese producer, surged 7.6 percent to A$1.345. The company has provided enough key information to its shareholders at its annual general meeting, OM Holdings said in response to media reports.
Paladin Energy Ltd. (PDN) advanced 4.4 percent to A$3.80. UBS AG raised its rating on the uranium producer to “buy” from “neutral,” citing the company’s valuation. Paladin shares have lost 23 percent this year.
Woolworths Ltd. (WOW) added 0.7 percent top A$26.72, its first advance in five days. The retailer said third-quarter sales rose 5.1 percent to A$13.6 billion ($14.3 billion). The Australian Financial Review reported in its Street Talk column today that Woolworths’ A$340 million acquisition of Cellarmasters Group may have been given approval from Australia’s competition regulator.
Goodman Property Trust (GMT) , which invests in property assets in Auckland, fell 1.1 percent to 92 New Zealand cents. The company said valuations of its portfolio have declined 1.5 percent to S$24.7 million.
Telecom Corp. (TEL NZ) advanced 4.3 percent to NZ$2.065. The company said it has provided a final proposal to Crown Fibre Holdings, the New Zealand agency implementing a national ultra- fast broadband plan. The proposal would see the creation of its Chorus network unit as a structurally separate company, Auckland-based Telecom said.