Australia Stocks: Asciano, Harvey, Macquarie, Rio, Westfield

By Ian C. Sayson

Nov. 11 (Bloomberg) -- The S&P/ASX 200 Index fell 172.20, or 4.2 percent, to 3,935.60 as of 12:22 p.m. Sydney. The S&P/ASX 200 Index futures contract expiring in December decreased 3.4 percent to 3,958, while the All Ordinaries Index fell 164.40, or 4.1 percent, to 3,895.60.

The following are among the most active companies in Australian trading. Stocks symbols are in parentheses after company names.

Financial stocks: Commonwealth Bank of Australia (CBA AU), the nation's biggest mortgage provider, fell $2.02, or 5.3 percent, to A$35.98, heading for its lowest close since May 2005, after business confidence fell last month to a record low, increasing signs the economy may fall into its first recession since 1991. Macquarie Group Ltd. (MQG AU), Australia's biggest securities firm, sank A$2.66, or 8.9 percent, to A$27.15, heading for its lowest close since Oct. 28.

The sentiment index slumped 21 points to minus 29 from September, the lowest level since the series began in 1989, according to a National Australia Bank Ltd. survey. Separately, Commonwealth Bank was downgraded to ``sell'' from ``hold'' at Citigroup Inc., which lowered the stock's price target to A$35 from A$42 on prospects the bank will have to raise capital in six months.

Retail stocks: Harvey Norman Holdings Ltd. (HVN AU), Australia's biggest furniture and electronics retailer, fell 7 cents, or 2.4 percent, to A$2.82, heading for its biggest loss since Oct. 31 on indications consumer spending is slowing. CFS Retail Property Trust (CFX AU), an Australian shopping-center operator, fell 3.5 cents, or 1.8 percent, to A$1.965. Woolworths Ltd. (WOW AU), Australia's biggest retailer, dropped 91 cents, or 3.1 percent, to A$28.27, heading for its biggest loss since Oct. 22.

Harvey Norman said its like-for-like sales in the 28 days ended Nov. 9 fell 2.8 percent and that its margins remain under pressure. Separately, CFS said its retail sales showed signs of slowing in September and that it expects weakening growth in the next 12 months.

U.S.-related stocks: Westfield Group (WDC AU), the world's biggest shopping mall owner by market value, fell 30 cents, or 2.1 percent, to A$13.70. James Hardie Industries NV (JHX AU), the biggest seller of home siding in the U.S., decreased 10 cents, or 2 percent, to A$4.93.

U.S. stocks dropped as a worsening outlook for companies from Goldman Sachs Group Inc. to Google Inc. overshadowed China's $586 billion stimulus plan and pledges by the world's biggest nations to bolster economic growth. The Standard & Poor's 500 Index lost 1.3 percent to 919.21.

Alumina Ltd. (AWC AU), a partner in the world's No. 1 producer of the material used to make aluminum, dropped 24 cents, or 11 percent, to A$2.01, set for its lowest close since Oct. 17. The company and its partner Alcoa Inc. suspended expansion work on the Wagerup refinery, citing the global financial crisis.

Asciano Ltd. (AIO AU), an Australian port and railroad operator, plunged A$1.03, or 60 percent, to 69 Australian cents after Citigroup told investors to sell the stock and slashed its target price 87 percent. The stock, previously rated ``buy'' at Citigroup, was halted today on the Australian stock exchange.

Count Financial Ltd. (COU AU), a provider of personal loans and financial planning services, sank 5 cents, or 4.3 percent, to A$1.12, heading for its biggest loss since Oct. 24. The stock was downgraded to ``equalweight'' from ``overweight'' at Morgan Stanley, which cut the stock's price target to A$1.16 from A$1.98.

Foster's Group Ltd. (FGL AU), the nation's biggest brewer, fell 14 cents, or 2.4 percent, to A$5.79. The company scrapped plans to sell its A$4.5 billion ($3 billion) wine business for cash as the price would have been too low, the Australian Financial Review newspaper reported, without saying where it got the information.

National Australia Bank Ltd. (NAB AU), the country's biggest bank by assets, decreased A$1.98, or 8.9 percent, to A$20.17 after the company said it increased the size of a share sale by 50 percent to A$3 billion to shore up capital.

Rio Tinto Group (RIO AU), the world's second-biggest aluminum producer, declined A$3.45, or 4.4 percent, to A$74.55 after it said a transformer failure at its New Zealand smelter cut capacity by about 30 percent. The company said its studying options to restore production.

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net.