By Shani Raja
(Corrects spelling error in headline.)
Aug. 11 (Bloomberg) -- The S&P/ASX 200 Index rose 60.20 points, or 1.2 percent, to 5,046.40 at 10:25 a.m. in Sydney, an almost three-week high. The broader All Ordinaries Index gained 48.80, or 1 percent, to 5,086.40, while the futures index expiring in September advanced 1.2 percent to 5,022.
Mining companies: Rio Tinto Group, fending off a $137 billion dollar hostile bid from BHP Billiton Ltd. (BHP AU), snapped three days of gains, losing A$2.20, or 1,9 percent, to A$113.80. BHP dropped 50 cents, or 1.4 percent, to A$36.65.
A measure of six metals traded on the London Metal Exchange dropped 3.6 percent. Zinc lost 3.4 percent, copper 3.5 percent and nickel 3.7 percent.
Bendigo & Adelaide Bank Ltd. (BEN AU), an Australian regional lender, added 41 cents, or 3.8 percent, to A$11.17, the highest since June 27, after saying net income for the year ended June rose 40 percent to A$170.5 million ($151 million) as it grew retail deposits.
Newcrest Mining Ltd. (NCM AU) dropped A$1.26, or 4.8 percent, to A$25.14, the lowest since September 2007. Gold fell for the sixth straight session, the longest slide since June 2006, as the euro slumped against the dollar, eroding the appeal of the precious metal as an alternative investment.
St. George Bank Ltd. (SGB AU) advanced 83 cents, or 2.8 percent, to A$30.25, the highest since June 6. The lender looks set to report record full-year profit in line with a revised target, the Sydney Morning Herald reported, without saying where it got the information.
Ten Network Holdings Ltd. (TEN AU) rose 7 cents, or 4.3 percent, to A$1.69, the highest since June 17. Australian media billionaire Bruce Gordon increased his stake in Ten to just under 15 percent, the Australian Financial Review reported, citing Gordon.
United Group Ltd. (UGL AU), an Australian company with businesses ranging from engineering to property services, leapt 66 cents, or 4.9 percent, to A$14.01, the highest in almost three months. United said full-year profit rose 41 percent as it expanded maintenance services in the U.S. and won rail contracts.
Woodside Petroleum Ltd. (WPL AU), Australia's second- largest oil and gas producer, snapped two days of gains, falling 61 cents, or 1.2 percent, to A$50.89.
Crude oil fell below $115 a barrel for the first time since May as the dollar gained the most since 2001 against the euro, reducing the appeal of commodities as an inflation hedge. Crude oil for September delivery fell $4.82, or 4 percent, to settle at $115.20 a barrel at 2:56 p.m. on the New York Mercantile Exchange.
Woolworths Ltd. (WOW AU) gained 62 cents, or 2.3 percent, to A$27.12, the highest in two months. Australia's biggest retailer is studying the purchase of a U.S. business with sales of about A$1 billion ($887 million), the Australian Financial Review reported, without saying where it got the information.
To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net
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