Australia Stocks: AMP, Coeur, Equinox, Silver Swan, Suncorp

By Shani Raja

Aug. 1 (Bloomberg) -- The S&P/ASX 200 Index fell 72.70 points, or 1.5 percent, to 4,904.70 at 12:15 p.m. in Sydney, snapping a two-day advance. The broader All Ordinaries Index declined 72.30, or 1.4 percent, to 4,980.30, while the futures index expiring in September lost 1.9 percent to 4,885.

Allco Finance Group Ltd. (AFG AU), the Sydney-based manager of ships, aircraft and wind farms, rose 1 cent, or 3.2 percent, to 48 cents, the tenth-biggest gainer on the index, after saying yesterday it cut senior debt by about a third and its bankers agreed to a new debt facility.

AMP Ltd. (AMP AU) declined 38 cents, or 5.8 percent, to A$6.18, the lowest since July 15 and the index's fourth-biggest loser. AMP Capital, the investment management arm of Australia's biggest life insurer, froze NZ$420 million ($307 million) in a New Zealand property fund, citing higher than usual withdrawals and a lack of new investment.

Coeur d'Alene Mines Corp. (CXC AU) gained 23 cents, or 8.2 percent, to A$3.03, the highest in more than a month and the benchmark's biggest gainer. Options prices on its U.S. shares jumped to a four-year high as traders increased bets that the silver producer will reverse its 2008 plunge.

Equinox Minerals Ltd. (EQN AU) extended yesterday's 4.6 percent gain, advancing 24 cents, or 6.1 percent, to A$4.15, the most since March 19. The developer of Africa's largest copper mine may be more vulnerable to a takeover bid after a share-price decline on project delays, Chief Executive Officer Craig Williams said yesterday.

Fortescue Metals Group Ltd. (FMG AU), controlled by Australia's richest man Andrew Forrest, declined 44 cents, or 5.1 percent, to A$8.26, the most since July 18. A ship carrying its iron ore may be refloated today after running aground off Port Hedland last night, the company said.

Roc Oil Co. (ROC AU), the Australian company seeking oil in Mauritania, China and Angola, dropped 5 cents, or 3.7 percent, to A$1.45, the lowest in almost a month, after registering a takeover offer for Anzon Australia Ltd.

Suncorp-Metway Ltd. (SUN AU), Australia's third-largest general insurer, tumbled A$1.88, or 14 percent, to A$11.50, the most since 1989 and the index's biggest loser, after saying full- year profit fell at least 50 percent as income from wealth management slipped.

Silver Swan Group Ltd. (SWN AU), an Australian minerals explorer, soared 11 cents, or 19 percent, to a record high 70 cents. The company said it completed its Mount Clifford exploration field program, while securing the option to buy up to 100 percent of a U.S.-based coal mining company.

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