Australian, N.Z. Stocks: APA, PanAust, Newcrest, Qantas, Rio
Australia’s S&P/ASX 200 Index rose 2.3 percent to 4,163 as of 3:24 p.m. in Sydney, on course for its biggest weekly gain in a year.
New Zealand’s NZX 50 Index gained 1.1 percent to 3,383.64 in Wellington for a second consecutive weekly advance.
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Mining stocks: Copper futures jumped 4.5 percent in New York yesterday on speculation that European officials will contain the region’s fiscal woes.
BHP Billiton Ltd. (BHP) , the world’s No. 1 mining company, jumped 2.8 percent to A$37.33. Rio Tinto Group (RIO AU), the world’s second-largest mining company by sales, climbed 4.6 percent to A$66.17.
Rio and its partner Ivanhoe Mines Ltd. announced that the Mongolian government will stick with their agreement on the $10 billion Oyu Tolgoi copper project, halting a proposal by the Asian nation to increase its holding to 50 percent from 34 percent.
Panoramic Resources Ltd (PAN) , a copper and nickel miner jumped 17 percent to A$1.435.
Oil stocks: Crude oil rose 3.7 percent in New York yesterday after European Central Bank President Jean-Claude Trichet announced a bond-purchase program to stimulate economic growth.
Woodside Petroleum Ltd. (WPL) , Australia’s second- biggest oil and gas producer, rose 2.1 percent to A$35.07. Santos Ltd. (STO) , Australia’s third-largest oil and gas producer, gained 4.1 percent to A$12.07.
APA Group (APA) rose 0.9 percent to A$4.12. The company, whose pipelines carry more than half of Australia’s natural gas, will jointly develop a gas-fired power station at Mount Isa, Queensland, with AGL Energy Ltd. (AGK) . AGL lost 0.6 percent to A$14.35.
Newcrest Mining Ltd. (NCM) , Australia’s biggest gold producer, rose 1.7 percent to A$35.65 after gold futures for December delivery advanced 0.7 percent yesterday in New York.
PanAust Ltd. (PNA) surged 7.1 percent to A$2.88. The copper-mining company was raised to “outperform” from “neutral” at Credit Suisse Group AG.
Qantas Airways Ltd. (QAN) gained 2.8 percent to A$1.485. Australia’s biggest airline confirmed an order for 110 Airbus A320-series planes as it renews its fleet and adds overseas ventures because of Asian travel growth. The airline also reached an agreement with short-haul cabin-crew union leaders on a three-year pay deal.
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