Australian, N.Z. Stocks: BHP, National Australia, Paladin, Rio
Australia’s S&P/ASX 200 Index declined 0.8 percent to 4,008.30 at the 4:10 p.m. close of trading in Sydney, approaching slides of 6.7 percent for the month and 13 percent for the quarter.
The following were among the most-active shares in the market today. Stock symbols are in parentheses after company names.
Mining stocks: A measure of primary metals traded in London fell 3.2 percent yesterday. Copper futures for December delivery dropped 5.6 percent in New York amid concerns a slowing global economy may reduce demand for the metal.
BHP Billiton Ltd. (BHP) , the world’s No. 1 mining company, fell 1.4 percent to A$35.04. BHP sees no waning of iron-ore consumption amid a slowdown in the global economy and its order books are full, RBC Capital Markets said, citing a company presentation.
Rio Tinto Group (RIO AU), the world’s second-largest mining company by sales, slid 2.5 percent to A$62.45 in Sydney.
A Namibian court declared a strike at Rio’s Rossing uranium mine in the southern African country illegal, Rio said in an e- mailed statement.
Oil stocks: Crude oil for November delivery rose as much as 0.7 percent today.
Woodside Petroleum Ltd. (WPL) , Australia’s second- biggest oil and gas producer, gained 0.6 percent to A$32.14. Santos Ltd. (STO) , Australia’s third-largest oil and gas producer, increased 1.9 percent to A$11.27.
Gold producers: Gold futures for December delivery sank 2.1 percent in New York yesterday as the dollar’s rebound eroded demand for the metal as an alternative investment.
Newcrest Mining Ltd. (NCM) , Australia’s biggest gold producer, slid 2.7 percent to A$34.16. St. Barbara Ltd. (SBM AU) retreated 2.4 percent to A$2.01.
Alumina Ltd. (AWC AT), an Australian producer of alumina, gained 2.8 percent to A$1.46 on speculation recent price drops may make the company a takeover target. The decline in Alumina’s share price would make it cheaper for a rival to buy the company than develop projects, said Jamie Spiteri, Sydney-based head dealer at Shaw Stockbroking Ltd.
Carsales.com.au Ltd. (CRZ) , Australia’s automotive website, gained 1.3 percent to A$4.75. The stock was raised to “buy” from “underperform” at BBY Ltd.
CSL Ltd. (CSL) , a maker of blood-derived therapies, gained 3.7 percent to A$29.87. The company said many of the concerns raised in audits conducted by the U.S. Food and Drug Administration in 2010 and 2011 have been addressed.
CSG Ltd. (CSV) , which offers computer and technology services, surged 44 percent to A$1.04. The company said it has received a non-binding, indicative and confidential proposal to acquire all its shares at A$1.20 cash each.
National Australia Bank Ltd. (NAB) , Australia’s biggest lender to companies, sank 2 percent to A$22.50. The company reiterated support for its U.K. branches after Moody’s Investors Service cut some ratings of its Clydesdale Bank in the U.K.
Paladin Energy Ltd. (PDN) , a uranium producer, tumbled 11 percent to A$1.17 after resuming trading today. The company is seeking to raise as much as A$70 million in an institutional placement to strengthen its balance sheet, according to a regulatory filing.