By Shani Raja
Dec. 22 (Bloomberg) -- The S&P/ASX 200 Index slipped 43.50 points, or 1.2 percent, to 3,572.20 at 11:25 a.m. in Sydney. The following shares were among the most active.
Australian Agricultural Co. (AAC AU), the nation’s largest cattle rancher, rallied 25 cents, or 15 percent, to A$1.93, the highest since Nov. 14. The company agreed to sell five cattle properties with a book value of A$250 million ($170 million) to Primary Holdings International to reduce debt.
Babcock & Brown Power (BBP AU), the Australian electricity producer seeking to sell plants to reduce debt, soared 2.7 cents, or 52 percent, to 7.9 cents, the highest since Nov. 7. The company said it’s received non-binding “indicative submissions” for the acquisition of its business.
Fortescue Metals Group Ltd. (FMG AU) slumped 26 cents, or 12 percent, to A$1.90, the lowest since Nov. 27. Australia’s third-biggest producer of iron ore fell 8.5 percent Friday after saying $1.5 million of its cash was frozen in accounts because of legal action relating to changes made to shipping contracts.
Qantas Airways Ltd. (QAN AU) fell 8 cents, or 3 percent, to A$2.56, the most since Dec. 12. Qantas has agreed to an average pay increase of 16 percent over four years for maintenance workers, who this year forced delays during an industrial campaign over wages, the Australian Financial Review said, citing Australian Manufacturing Workers Union national secretary Dave Oliver.
Rio Tinto Group (RIO AU), the world’s third-biggest mining company, dropped A$1.30, or 3.3 percent, to A$37.71, the lowest since Dec. 12. Rio suspended operations at its Hismelt pig iron plant in Western Australia state amid falling global demand for commodities.
To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net.
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