Australia Stocks Preview: Macquarie, Qantas, Rio Tinto, Telstra

By Shani Raja

July 1 (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 rose 0.3 percent to 5,210 at 6:58 a.m. in Sydney. The Bank of New York Australia ADR Index gained 1.3 percent in New York.

The S&P/ASX 200 Index lost 21.70 points, or 0.4 percent, to 5,215.30.

Financial stocks: Most U.S. stocks fell for a third day on concern that deepening mortgage losses will force more banks to cut dividends or sell shares at a discount. Merrill Lynch & Co. and Citigroup Inc. dropped as JPMorgan Chase & Co. said prices for some mortgage securities may sink further. Lehman Brothers Holdings Inc. plunged as traders speculated the fourth-largest U.S. securities firm may be sold for less than its market value.

Macquarie Group Ltd. (MQG AU), Australia's biggest securities firm, advanced 60 cents, or 1.3 percent, to A$48.64.

Qantas Airways Ltd. (QAN AU): The company will announce changes to its frequent flier program, allowing members to redeem points for any seat on its flights and offering a wider range of partner programs, the Age newspaper reported without saying where it got the information. A revamped program has been earmarked as the second of Qantas' businesses to be sold off into a separate company. Qantas gained 3 cents, or 1 percent, to A$3.04.

Rio Tinto Group (RIO AU): The world's second-largest iron ore producer rose the most in almost two weeks in London trading after the Financial Times said ArcelorMittal may buy a stake to secure supplies of the steelmaking raw material. Rio rose A$3.46, or 2.6 percent, to A$135.50 in Sydney.

Telstra Corp. (TLS AU): Telstra has unveiled its pricing for Apple Inc.'s i-Phone, confirming it will release the handset along with rival mobile Australian phone companies on July 11, according to a Telstra press release. Telstra fell 11 cents, or 2.5 percent, to A$4.24.

Transfield Services Infrastructure Fund (TSI AU): The company scrapped plans to build a power station to supply BHP Billiton Ltd.'s Escondida copper mine in northern Chile after the cost of the project increased, Diario Financiero reported. Transfield Services Infrastructure advanced 7.5 cents, or 6.4 percent, to A$1.24.

To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net.
Last Updated: June 30, 2008 18:28 EDT