Australian, N.Z., Stocks: Boral, Bradken, Lynas, Cavalier
Australia’s S&P/ASX 200 Index slid 0.1 percent to 4,359 at 1:32 p.m. in Sydney. New Zealand’s NZX 50 Index slid 0.4 percent to 3,510.3 in Wellington.
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Boral Ltd. (BLD) dropped 3.4 percent to A$3.68 to the lowest since January after the construction manufacturer reported a A$22 million first quarter profit that missed forecasts. The company lowered its fist-half profit guidance.
Bradken Ltd. (BKN) slumped 11 percent to A$7.53, the biggest drop since February and the largest decline on the benchmark S&P/ASX 200, after the industrial products supplier cut its earnings forecast.
Lynas Corp. (LYC) fell 2.2 percent to A$1.12 as the mining company said it’s been “very seriously” impacted by delays in being issued with a refining license in Malaysia where the first phase of the world’s biggest rare-earths plant is nearing completion.
Pharmaxis Ltd. (PXS) gained 7.8 percent to A$1.32 after winning approval to market Bronchitol, a treatment for cystic fibrosis, in Europe.
Thankral Holdings Group (THG) rallied 28 percent to 74 cents after Brookfield Asset Management Inc. offered to buy the property developer and manager in a bid valuing the company at about A$410 million ($425 million).
New Zealand companies:
Cavalier Corp. (CAV) slumped 9.4 percent to NZ$1.93 to the lowest since July 2009 after saying market conditions for the carpet business remain “very soft” and costs may result in a loss for the year of as much as NZ$3 million.
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