Bloomberg News

Australian, N.Z. Stocks: Hastings Diversified, Kagara, JB Hi-Fi

December 13, 2011

Dec. 14 (Bloomberg) -- Australia’s S&P/ASX 200 Index fell 0.3 percent to 4,183 at 12:49 p.m. in Sydney. New Zealand’s NZX 50 Index dropped 0.4 percent to 3,279.65 in Wellington.

The following were among the most active shares in the market. Stock symbols are in parentheses after company names.

Bank of Queensland Ltd. (BOQ AU) declined 2.6 percent to A$7.64 after a report in the Australian Financial Review’s Street Talk column said that shareholder BRED Banque Populaire is mulling the sale of a stake in the bank.

Downer EDI Ltd. (DOW AU) climbed 5.2 percent to A$3.24 after the company agreed to sell its CPG Asia Business for A$147 million ($146 million) to China Architecture Design and Research Group.

Hastings Diversified Utilities Fund (HDF AU) advanced 8.2 percent to A$1.915 after APA Group (APA AU) offered A$841 million in cash and shares for the rest of Hastings it doesn’t own.

Independence Group NL (IGO AU) slid 8.3 percent to A$3.99 after selling shares to raise A$118 million to help fund development of the Tropicana gold project in Western Australia.

JB Hi-Fi Ltd. (JBH AU) rose 0.3 percent to A$15.30 after announcing the introduction of a music subscription service that will give customers access to more than 10 million songs.

Kagara Ltd. (KZL AU) slipped 10 percent to 30.5 Australian cents after selling shares to raise A$25 million to complete the acquisition of the Einasleigh copper project.

--Editor: Nick Gentle

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net


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