Australia’s S&P/ASX 200 Index (AS51) fell 0.9 percent to 4,267.40 at the close of trading in Sydney. New Zealand’s NZX 50 Index declined 0.5 percent to 3,303.45 in Wellington.
The following were among the most active shares in the market today. Stock symbols are in parentheses after company names.
Aquarius Platinum Ltd. (AQP) , the fourth-largest producer of the metal felling 5.9 percent to A$2.08 after Zimbabwe rejected a joint proposal with Impala Platinum Holdings Ltd. to meet local ownership rules.
Austar United Communications Ltd. (AUN) climbed 5.5 percent to A$1.335 after the Australian Competition and Consumer Commission said it hasn’t come to any decision on the takeover bid by Australia’s largest pay-television company, Foxtel, for the company.
Beach Energy Ltd. (BPT) dropped 5.4 percent to A$1.67. The company reported first-half profit of A$56.3 million ($60 million), ahead of its forecast range of A$50 million to A$55 million.
Billabong International Ltd. (BBG) gained 4.8 percent to A$3.05 after Australia’s largest surf-wear company rejected a A$765 million takeover proposal from buyout firm TPG Capital and said talks continue to try to get a higher offer.
Intrepid Mines Ltd. (IAU) , an Australian company that explores for gold in Indonesia, gained 1.5 percent to A$1.35 after the company said its drilling program at Tujuh Bukit returned the highest grade copper and gold intersection to date.
Lynas Corp. (LYC) , an Australian mining company building the world’s largest refinery of rare earths in Malaysia, fell 4.7 percent to A$1.23. China, the biggest supplier of rare earths, may almost double exports this year and meet quotas set by the government as lower prices stimulate demand.
Newcrest Mining Ltd. (NCM) , Australia’s largest gold mining company, fell 3 percent to A$33.51. The stock was cut to “neutral” from “overweight” by analysts at JPMorgan and was cut to “neutral” from “buy” by analysts at UBS AG.
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