Australia, N.Z. Stocks: Asciano, Billabong, GrainCorp, Fisher
Australia’s S&P/ASX 200 Index gained 0.5 percent to 4,684 as of the 4:10 p.m. close in Sydney. The index remains on course for a 1 percent weekly drop.
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Asciano Ltd. (AIO) rose 1 percent to A$1.55. Australia’s largest port cargo handler said workers have stopped industrial action at three container terminals that had threatened to disrupt commodity shipments. Separately, Asciano was raised to “outperform” from “neutral” at Credit Suisse Group AG.
Billabong International Ltd. (BBG) climbed 5.1 percent to A$6.37. The world’s biggest publicly traded surfwear maker had its stock rating raised to “buy” from “sell” at Royal Bank of Scotland Group Plc.
GrainCorp Ltd. (GNC) dropped 1.1 percent to A$8.29. Eastern Australia’s largest grain handler was reduced to “underperform” from “neutral” at Credit Suisse Group AG, and cut to “hold” from “buy” at Citigroup Inc.
Fisher & Paykel Appliances Holdings Ltd. (FPA) jumped 9.9 percent to 61 New Zealand cents. New Zealand’s largest refrigerator maker returned to profit after write-downs led to a loss in the year-earlier period.
Mainfreight Ltd. (MFT) advanced 5 percent to NZ$9.91. New Zealand’s largest trucking company was raised to “buy” from “hold” at Deutsche Bank AG.
Telecom Corp. of New Zealand Ltd. (TEL NZ) fell 2.5 percent to NZ$2.37. Standard & Poor’s maintained it’s a long-term rating on Telecom Corp. and kept the rating on negative watch pending a demerger of the company.
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