Australia Stocks Preview: James Hardie, Just, Kagara, Newcrest

By Shani Raja

Aug. 6 (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 1.8 percent to 4,915 at 6:59 a.m. in Sydney. The Bank of New York Australia ADR Index declined 0.5 percent in New York.

The S&P/ASX 200 Index dropped 67.30, or 1.4 percent, to 4,820.40.

Mining shares: American depositary receipts of BHP Billiton Ltd. (BHP AU), the world's largest mining company, slipped 2.1 percent to the equivalent of A$36.16 a share in New York, 34 cents higher than the A$35.82 close in Sydney.

Rio Tinto Group (RIO AU), the world's third-largest mining company, declined A$7.31, or 6.2 percent, to A$110.79.

Oil companies: Crude oil fell, closing below $120 a barrel for the first time in three months, amid signs demand may be curtailed by slowdowns in the U.S. and European economies. Gasoline also fell to the lowest since May. Crude oil for September delivery fell $2.24, or 1.8 percent, to settle at $119.17 a barrel at 2:59 p.m. on the New York Mercantile Exchange.

Woodside Petroleum Ltd. (WPL AU), Australia's second-largest oil and gas producer, fell A$2.80, or 5.2 percent, to A$51.20.

U.S.-linked stocks: U.S. stocks rallied the most since April as oil retreated to a three-month low and the Federal Reserve predicted inflation will ease through next year. Sears Holdings Corp. jumped, sending the Standard & Poor's 500 Consumer Discretionary Index to its steepest advance in five years. The S&P 500 added 35.87, or 2.9 percent, to 1,284.88.

James Hardie Industries NV (JHX AU), the biggest seller of home siding in the U.S., rose 6 cents, or 1.3 percent, to A$4.65. Westfield Group (WDC AU), which owns 59 shopping malls in the U.S., advanced 22 cents, or 1.4 percent, to A$16.11.

Kagara Ltd. (KZL AU): The Australian supplier to Korea Zinc Co. may increase copper production from its Australian mines by 34 percent in the year to June 30, 2009, and more than double zinc output within two years. Annual copper production will increase to as much as 40,000 tons from 26,329 tons now, Executive Chairman Kim Robinson said at a conference in Kalgoorlie, Western Australia. Kagara dropped 13 cents, or 4.4 percent, to A$2.82.

Macquarie Group Ltd. (MQG AU): Australia's biggest investment bank has submitted a formal application for a license to create a U.S. bond insurer, Reuters reported, citing a person familiar with the matter. The Australian bank has submitted the application, which may be approved within weeks, to the New York Insurance Superintendent, the newswire said. Macquarie slipped 16 cents, or 0.3 percent, to A$49.34.

Newcrest Mining Ltd. (NCM AU): Gold fell below $900 an ounce for the first time since June as the dollar's rebound and plunging energy costs reduced the appeal of the precious metal as a hedge against inflation. Gold futures for December delivery fell $21.80, or 2.4 percent, to $886.10 an ounce on the Comex division of the New York Mercantile Exchange. Australia's biggest gold producer slumped A$3.42, or 12 percent, to A$26.31.

Just Group Ltd. (JST AU): Premier Investments Ltd., controlled by Australian billionaire Solomon Lew, increased its stake in Just Group to exceed 50 percent, ensuring support from the target's board for a A$774 million ($712 million) takeover bid. Premier declared its offer unconditional, which means investors will be paid for their stock within five days, the Melbourne-based company said in a statement. Just plunged 28 cents, or 7.8 percent, to A$3.32.

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