Australian, N.Z. Stocks: APA, PanAust, Newcrest, Qantas, Rio
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.
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 AU) 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.
To contact the reporter on this story: Kaitlyn Kiernan in New York at email@example.com.
To contact the editor responsible for this story: John McCluskey at firstname.lastname@example.org