BHP, Newcrest, Qantas, Rio, Woodside: Australian Stock Preview

Monday, Nov 29, 2010
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The following is a list of companies whose shares may have unusual moves in Australia. The preview includes news announced after markets closed on Nov. 26. All prices are from that day’s close unless otherwise stated.


The S&P/ASX 200 Index futures contract due in December slipped 0.5 percent to 4,576 as of 7:59 a.m. in Sydney. The Bank of New York Australia ADR Index fell 2.5 percent. The S&P/ASX 200 Index gained 0.1 percent to 4,598.30.


Mining shares: A measure of metals traded in London dropped 1.3 percent. BHP Billiton Ltd. (BHP AU), the world’s largest mining company, rose 0.3 percent to A$43.20. Its American depositary receipts declined 2 percent in New York trading. BHP said it’s seeking a $4 billion credit line to refinance a facility maturing next year.


Rio Tinto Group (RIO AU), the world’s third-biggest miner, gained 1.2 percent to A$84.04. Rio said the planned expansion of its iron-ore operations in Western Australia may cost about $14.8 billion as it seeks to boost output by 50 percent over five years. Separately, Chief Financial Officer Guy Elliott said the company is looking at potential acquisitions in the “low, single-digit billion dollar” range.


Oil producers: Crude oil fell from a one-week high on concern Ireland’s debt crisis will spread to Portugal and Spain, reducing economic growth and fuel demand, and as tensions in Korea mounted.


Woodside Petroleum Ltd. (WPL AU), Australia’s second- biggest oil and gas producer, rose 0.7 percent to A$40.95. Santos Ltd. (STO AU) fell 0.2 percent to A$12.31.


Woodside this week may announce an increase in the cost of developing the A$13 billion ($12.5 billion) Pluto liquefied natural gas project in Western Australia, the Australian Financial Review reported, without saying where it got the information.


Gold producers: Gold futures for February delivery fell 0.8 percent to settle at $1,364.30 an ounce at 1:43 p.m. on the Comex in New York. Newcrest Mining Ltd. (NCM AU), Australia’s biggest gold producer, climbed 0.7 percent to A$40.37.


Third-quarter gold production in Australia gained 22 percent compared with a year earlier as prices remained high, Melbourne-based Surbiton Associates Pty said in an e-mailed statement.


National Australia Bank Ltd. (NAB AU): The lender said most of the customer accounts affected by a computer problem over the past few days are now up to date, according to an e-mailed statement. The stock fell 0.3 percent to A$23.23.

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