Australia, N.Z. Stocks: Insurance Australia, Lynas, PanAust
Australia’s S&P/ASX 200 Index lost 0.4 percent to 4,591.20 at the 4:10 p.m. close of trading in Sydney. The gauge gained 1.8 percent in the past five days, snapping four straight weeks of losses.
New Zealand’s NZX 50 Index (NZSE50FG) climbed 0.8 percent to 3,475 at the 5 p.m. close in Wellington. It climbed 0.6 percent in the past five days, ending five weeks of losses.
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Insurance Australia Group Ltd. (IAG) dropped 1.5 percent to A$3.35 after the insurer was cut to “hold” from “buy” at Royal Bank of Scotland Group Plc., which cited a possible slower-than-expected return to profitability at its UK operations.
Lynas Corp. (LYC AU) slumped 12 percent to A$1.75 after Malaysia imposed extra safety conditions that have delayed work on the refinery it’s building there. The company will meet the requirements, Chief Executive Officer Nicholas Curtis told reporters in Kuala Lumpur yesterday.
PanAust Ltd. (PNA) gained 4.2 percent to A$3.93. The company said drilling north of its Phu Kham copper-gold mining operations in Laos intersected mineralization that suggests further opportunities for expansion.
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