Australia Stocks: Allco, Alumina, Atlas, Babcock Power, Centro

By Shani Raja

Sept. 1 (Bloomberg) -- The S&P/ASX 200 Index fell 17.30 points, or 0.3 percent, to 5,118.30 at the close in Sydney, the most since Aug. 21. The broader All Ordinaries Index lost 15.50 points, or 0.3 percent, to 5,200, while the futures index expiring in September dropped 0.2 percent to 5,133.

Allco Finance Group Ltd. (AFG AU) slumped 2.5 cents, or 6.5 percent, to 36 cents, the lowest since July 11. Allco was cut to ``sell'' from ``hold'' and had its target price slashed to 24 Australian cents from 49 cents at Citigroup Inc.

Alumina Ltd. (AWC AU), partner in the world's biggest producer of the material used to make aluminum, plunged 45 cents, or 10 percent, to A$3.90, the third-worst performer on the index. Alumina sold A$644 million ($552 million) in shares to institutions to fund expansion.

Aragon Resources Ltd. (AAG AU), the Perth-based gold, uranium and nickel explorer, jumped 4 cents, or 25 percent, to 20 cents. Aragon said it completed its purchase of Territory Phosphate Ltd., making it the ``sole owner'' of a portfolio of phosphate projects in the Northern Territory.

Atlas Iron Ltd. (AGO AU), building an iron ore mine in Western Australia, surged 34 cents, or 15 percent, to A$2.62, the index's second-biggest gainer. Shaw River Resources Ltd., an Australian minerals explorer part-owned by Iron, said in an investor presentation that all its base metal and gold projects were ``drill ready,'' and that new Manganese targets were identified at Mt. Minnie.

Babcock & Brown Power (BBP AU), Australia's biggest publicly traded electricity producer, fell 3.5 cents, or 18 percent, to 15.5 cents, the biggest loser on the benchmark. JPMorgan Chase & Co. cut its rating to ``underweight'' from ``neutral.''

Centro Properties Group (CNP AU) slipped 1 cent, or 5.7 percent, to 16.5 cents, extending Friday's 5.4 percent slump, after posting a A$2.1 billion ($1.8 billion) loss in the 12 months ended June 30 after writing down the value of U.S. shopping malls.

Frigrite Ltd. (FRR AU), which makes refrigeration products, plunged 4 cents, or 24 percent, to 13 cents, the most since June 25, after swinging to a loss of A$4.7 million in fiscal 2008.

Macquarie Infrastructure Group (MIG AU) advanced 12 cents, or 5.5 percent, to A$2.31, the most since July 24. Macquarie may bid for Irish phone company Eircom Group, the Sunday Times said, without saying where it got the information.

Perilya Ltd. (PEM AU), an Australian zinc and lead producer, declined 3.5 cents, or 6.6 percent, to 49.5 cents, the fourth- worst performer on the benchmark. Perilya on Friday said it swung to a full-year loss after writing down the value of its biggest mine and prices for both metals slumped.

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