Australia Stocks: Ceramic Fuel, Henderson, Leighton, Suncorp
By Emma OBrien
Feb. 28 (Bloomberg) — Australias benchmark S%26amp;P/ASX 200
declined 58.70 or 1.1 percent to 5,703.70 as at 10:45 a.m. in
Sydney, snapping a three-day gain. The broader All Ordinaries index
lost 1 percent to 5,784.50, while the futures index maturing in
March dropped 1 percent to 5,690.
The following shares rose or fell today. Stock symbols are in
parentheses after company names.
Centro Retail Group (CER AU), a property trust whose parent
company is struggling to refinance A$4.9 billion ($4.6 billion) of
debt, jumped 16 cents, or 52 percent, to 48 Australian cents after
it posted a first-half loss as the value of its assets declined.
The company today said it is working to resolve its debt issues.
Centro Properties Group, its parent, advanced 7 cents, or 15
percent, to 57 cents.
Ceramic Fuel Cells Ltd. (CFU AU), an Australian developer of
fuel cells for small heat and power plants, jumped 24 cents, or 56
percent, to 66 Australian cents, its biggest rise since Bloomberg
started collecting data on the stock. Ceramic Fuel said it will
build a manufacturing plant in Heinsberg, Germany for 12.4 million
euros ($19 million).
Guinness Peat Group Plc. (GPG AU), a London-based investment
company, climbed 15 cents, or 12 percent, to A$1.40, headed for its
highest close since Jan. 16. Guinness Peat said full-year earnings
more than tripled after it sold its stake in Australian Wealth
Management and Premier Investments Ltd.
Henderson Group Plc. (HGI AU), a U.K. money manager spun off
from AMP Ltd., surged 39 cents, or 19 percent, to A$2.40, its
strongest gain since Bloomberg first started to collect data on the
stock in 2003. The stock was raised to “buy from “hold at ABN
Amro Holding NV, and to “buy from “neutral at UBS AG.
Lend Lease Corp. (LLC AU), Australias biggest property
developer, rose for a second day, gaining 60 cents, or 4.1 percent,
to A$15.30, putting it among the top 10 best-performing stocks on
the index today. Lend Leases first half profit gained 49 percent
to A$259.6 million on income from building homes for the U.S.
military and from urban developments in Australia and Singapore.
Origin Energy Ltd. (ORG AU), Australias second-biggest energy
retailer, jumped for the first day in nine days, adding 56 cents,
or 7.1 percent, to A$8.48, its largest rise since February 2002.
Origin reported a 44 percent rise in first-half profit after it
sold its gas distribution business to APA Group for A$147.3 million.
Platinum Australia Ltd. (PLA AU), owner of platinum mines in
South Africa and Australia, dropped 12 cents, or 4.1 percent, to
A$2.83, its biggest fall since Jan. 29. The stock was cut to
“underperform from “sector perform by RBC Capital Markets
analyst Leon Esterhuizen, who set a 12-month price target of A$3.25
a share.
Spark Infrastructure Group (SKI AU), an Australian power
distributor that reported a doubling of full-year profit on Feb. 25,
slipped 11 cents, or 5.8 percent, to A$1.79, the second-worst
performer on the benchmark so far today. Spark was cut to “hold
from “buy on Feb. 26 by Goldman Sachs JBWere Ltd.
Suncorp-Metway Ltd. (SUN AU), Australias second-largest car
and home insurer, slid 89 cents, or 5.7 percent, to A$14.64, the
worst performer on the index so far today. The company reported a
28 percent drop in first-half earnings after credit costs crimped
returns and Suncorp had to pay higher payouts after storms in
northern Queensland.
To contact the reporter for this story:
Emma OBrien in Wellington on
