Australia Stocks Preview: Goodman, Mincor, Newcrest, Telstra

By Shani Raja

July 24 (Bloomberg) -- The following is a list of companies whose shares may rise or fall in Australia. This preview includes news announced after markets closed yesterday. Prices are from yesterday's close unless otherwise stated.

The S&P/ASX 200 Index futures contract due in September advanced 0.2 percent to 5,113 at 6:58 a.m. in Sydney. The Bank of New York Australia ADR Index lost 0.3 percent in New York.

The S&P/ASX 200 Index rose 99.70 points, or 2 percent, to 5,105.30.

Mining shares: Gold fell the most in six weeks as slumping energy costs and a stronger dollar cut demand for the metal as a hedge against inflation. Silver also declined. Gold futures for August delivery dropped $25.70, or 2.7 percent, to $922.80 an ounce on the Comex division of the New York Mercantile Exchange. Newcrest Mining Ltd. (NCM AU), Australia's largest gold miner, lost A$1.28, or 4 percent, to A$31.12.

A measure of six metals traded on the London Metal Exchange dropped 0.5 percent. Nickel fell 2.7 percent and copper 0.6 percent. American depositary receipts of BHP Billiton Ltd. (BHP AU), the world's largest mining company, slipped 1 percent to the equivalent of A$37.99 a share in New York, 69 cents lower than the A$38.68 close in Sydney.

Rio Tinto Group (RIO AU), the world's third-largest mining company, dropped 60 cents, or 0.5 percent, to A$120.10.

Oil companies: Crude oil futures fell below $125 a barrel for the first time in seven weeks after a U.S. government report showed that fuel stockpiles increased as consumption tumbled to the lowest in more than a year. Crude oil for September delivery fell $3.98, or 3.1 percent, to settle at $124.44 a barrel at 2:59 p.m. on the New York Mercantile Exchange, the lowest close since June 4.

Woodside Petroleum Ltd. (WPL AU), Australia's second-largest oil and gas producer, declined A$1.15, 2 percent, to A$55.95.

Goodman Group (GMG AU): Goodman may be the next big listed property trust to cuts its 2009 distribution, the Australian newspaper reported, citing a research note from investment bank JPMorgan Chase & Co. Goodman rose 11 cents, or 4.2 percent, to A$2.75.

Mincor Resources NL (MCR AU): The company's rating was raised to ``buy'' from ``hold'' by analyst Paul-D Young at Deutsche Bank, with a price target of A$3.20 per share. Mincor advanced 7 cents, or 3.3 percent, to A$2.21.

Telstra Corp. (TLS AU): The company has delayed plans to sell shares in its Chinese internet business SouFun Holdings Ltd. because of deteriorating global market conditions, the Australian reported, citing a spokeswoman. Soufun's initial public offering had been planned for mid-2008, the newspaper said. Telstra would not sell shares in the business at all, the Australian reported, citing Karina Kressler, a spokeswoman for Sensis China, a unit of Telstra. Telstra lost 9 cents, or 2.1 percent, to A$4.31.

To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net.