Australia Stocks: Centro, Fairfax, Great Southern, Spotless

By Shani Raja

Aug. 26 (Bloomberg) -- The S&P/ASX 200 Index fell 95.40 points, or 1.9 percent, to 4,919 at 11:30 a.m. in Sydney, the most in a week. The broader All Ordinaries Index lost 92 points, or 1.8 percent, to 4,998.10, while the futures index expiring in September declined 2 percent to 4,902.

Financial stocks: National Australia Bank Ltd. (NAB AU), the nation's biggest lender, slipped 60 cents, or 2.5 percent, to A$23.49, poised for its lowest close since April 2000. Commonwealth Bank of Australia (CBA AU) declined 86 cents, or 2 percent, to A$41.79.

U.S. stocks fell the most in a month as a Kansas bank's failure and speculation American International Group Inc. will post a loss heightened concern that credit writedowns will keep rattling the financial system. The S&P 500 dropped 25.36, or 2 percent, to 1,266.84, ending a three-day advance.

Centro Properties Group (CNP AU) slumped to a record low, dropping 2 cents, or 7.5 percent, to 19 cents. Centro fell for the second day after saying shareholders may be affected if it offers hybrid securities to win an extension on as much as A$6.6 billion ($5.7 billion) of debt. Centro Retail Group (CER AU) plunged 4 cents, or 13 percent, to 27 cents, the biggest loser on the index.

Emeco Holdings Ltd. (EHL AU), an Australian mining services company, declined 8 cents, or 7.4 percent, to A$1.06, the most since June 10, after saying full-year net profit fell 9.6 percent.

Fairfax Media Ltd. (FXJ AU), Australia's second-biggest newspaper publisher, rose 7 cents, or 2.5 percent, to A$2.91, the highest since Aug. 12. Fairfax will eliminate 550 jobs, or about 5 percent of its workforce, in a bid to shave some A$50 million ($43 million) in annual costs.

Goodman Fielder Ltd. (GFF AU), Australia's largest baker, fell for a second day, plunging 11 cents, or a record 7.6 percent, to A$1.34, the fourth-worst performer on the index. The company yesterday turned to a second-half loss after taking a writedown to its New Zealand dairy unit.

Great Southern Ltd. (GTP AU) soared 13 cents, or 18 percent, to 82 cents, the index's best performer. Great Southern proposed reorganizing the company into three separate business streams: forestry, agricultural investment services, and cattle.

Primary Health Care Ltd. (PRY AU), Australia's second- largest chain of medical laboratories, lost 25 cents, or 4.6 percent, to A$5.15, the most since July 15, after saying net income fell in fiscal 2008, slowed by costs related to the acquisition of Symbion Health Ltd.

Spotless Group Ltd. (SPT AU), an Australian property manager, gained 24 cents, or 7.6 percent, to A$3.40, the highest since June 13, after UBS AG raised the company's rating to ``buy'' from ``neutral.'' Spotless yesterday reported 13.5 percent higher net profit in fiscal 2008 and said it was confident of delivering further growth in the next financial year.

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