Bloomberg News

Australian, N.Z. Stocks: Warehouse Group, Resolute Mining, Magma

February 04, 2012

Feb. 3 (Bloomberg) -- Australia’s S&P/ASX 200 Index fell 0.2 percent to 4,258 at 12:41 p.m. in Sydney. New Zealand’s NZX 50 Index gained 0.1 percent to 3,319.33 in Wellington.

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

Magma Metals Ltd. (MMW AU) surged 63 percent to 13 Australian cents after Panoramic Resources Ltd. announced a takeover bid for the company.

Resolute Mining Ltd. (RSG AU) rose 1.9 percent to A$2.12 after the Australian gold producer said it plans to develop the Far East pit at its Golden Pride project in central Tanzania before August.

Warehouse Group Ltd. (WHS NZ) slid 2 percent to NZ$2.99 after New Zealand’s biggest discount retailer cut its full-year earnings forecast as much as 11 percent because of pressure on profit margins.

--Editor: Jim Powell.

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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