Australia, N.Z. Stocks: Bradken, Cochlear, Gunns, Hallenstein
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Bradken Ltd. (BKN) dropped 5 percent to A$8.22. The stock was downgraded to “neutral” from “outperform” at Credit Suisse Group AG and to “hold” from “buy” at Deutsche Bank AG.
Separately, the supplier of tools and services to mining companies might consider a takeover bid for Austin Engineering Ltd. after raising as much as A$162 million selling shares, the Australian Financial Review reported in its Street Talk column, without saying where it got the information.
Cochlear Ltd. (COH) fell 1.9 percent to A$78.29 after the maker of the world’s best-selling hearing implant was downgraded to “sell” from “hold” at Deutsche Bank AG.
Gloucester Coal Ltd. (GCL) gained 0.8 percent to A$9.03 after the coal producer was raised to “outperform” from “neutral” at Credit Suisse Group AG.
Gunns Ltd. (GNS) jumped 24 percent to 41 Australian cents after Australia’s biggest woodchip exporter affirmed its full-year profit guidance and said it’s in compliance with all its banking covenants.
Hallenstein Glasson Holdings Ltd. (HLG) sank 1.5 percent to NZ$3.87 after the New Zealand-based clothing retailer was cut to “underperform” at Macquarie Research.
Methven Ltd. (MVN) gained 1.4 percent to NZ$1.46 after the New Zealand distributor of taps and showerheads was raised to “neutral” from “underperform” at Macquarie Research.
Restaurant Brands NZ Ltd. (RBD NZ), owner of KFC, Pizza Hut and Starbucks franchises, slipped 1.1 percent to NZ$2.65. It had its stock rating cut to “neutral” from “outperform” at Credit Suisse Group AG.
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