Australian, N.Z. Stocks: BHP, Gloucester, Leighton, IAG, Qantas
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Energy stocks: Shares rose after crude oil for April delivery rose for a third day, gaining as much as 0.4 percent to $106.95 a barrel in electronic trading on the New York Mercantile Exchange yesterday.
Buru Energy Ltd. (BRU) advanced 4.3 percent to A$2.70. The company reported a fiscal-first-half loss of A$5.2 million ($5.5 million) versus a profit of A$194,000 a year earlier.
Gloucester Coal Ltd. (GCL) gained 0.6 percent to A$8.10. Yanzhou Coal Mining Co. received approval from the Australian government for its A$2.05 billion takeover of Gloucester Coal with some conditions.
Insurance Australia Group Ltd. (QBE) gained 2.8 percent to A$3.29. The insurer plans to cut about 600 jobs at its CGU unit by the end of 2015 as part of a plan to reduce costs by A$65 million.
Ivanhoe Australia Ltd. (IVA) jumped 1.4 percent to A$1.845. The mining company was rated new outperform by analysts at RBC Capital Markets.
Leighton Holdings Ltd. (LEI) slipped 0.9 percent to A$23.49. The construction company’s A$768 million share of a A$1.05 billion contract to deliver a jetty for the Gorgon gas project may have to be written down to zero, the Australian Financial Review said today. The stock is also trading ex- dividend today.
Qantas Airways Ltd. (QAN) fell 2.6 percent to A$1.68. The Australian carrier and Malaysian Airline System Bhd ended talks on a partnership and potential new carrier after failing to agree on commercial terms.
Warehouse Group Ltd. (WHS) rose 5.7 percent to NZ$2.80. New Zealand’s largest discount retailer said sales were improving due to a store reinvestment plan it embarked on last year.
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