Australian Stocks: Harvey Norman, Kingsgate, Macquarie, Qantas
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Mining stocks: The London Metal Exchange Index of prices for six metals, including copper and aluminum, fell 1.6 percent yesterday.
BHP Billiton Ltd. (BHP) , the world’s No. 1 mining company, declined 2.7 percent to A$36.77. Rio Tinto Group (RIO AU), the second-largest global miner by sales, slipped 3 percent to A$67.15.
AWE Ltd. (AWE) was unchanged at A$1.39. The oil and gas explorer was downgraded to “neutral” from “outperform” by Credit Suisse AG.
Harvey Norman Holdings Ltd. (HVN) slumped 3.7 percent to A$2.09. Australia’s top electronics retailer said it expects profit before taxes to fall 19 percent in the quarter ended Sept. 30.
Kingsgate Consolidated Ltd. (KCN) tumbled 6.1 percent to A$7.03. The gold producer offered A$3.75 a share to buy up the rest of Laguna Resources NL.
Macquarie Group Ltd. (MQG) lost 2.5 percent to A$24.30. Australia’s biggest investment bank has advanced to the second round of bidding for Royal Bank of Scotland Plc’s aircraft leasing unit, the Australian Financial Review reported, without citing a source.
Qantas Airways Ltd. (QAN) gained 1.1 percent to A$1.63. Australia’s biggest airline expects to clear the backlog of domestic passengers from the grounding of its fleet over the weekend by this afternoon, it said in an e-mailed statement.
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