Australia Stocks: Bank of Queensland, BHP, Rio, Sino, Ventracor

By Ian C. Sayson

Dec. 11 (Bloomberg) -- The following companies had unusual price changes in Australia trading. Stock symbols are in parentheses, and share prices are as of 10:53 a.m. in Sydney.

The S&P/ASX 200 Index fell 65.90 points, or 1.8 percent, to 3,574.80.

BHP Billiton Ltd. (BHP AU), the world’s largest mining company, increased A$1.14, or 3.8 percent, to A$31.50 on higher metals prices. Rio Tinto Group (RIO AU), the world’s third- biggest mining company, jumped A$3.60, or 9.6 percent, to A$41, extending yesterday’s 12 percent climb.

A measure of six metals traded in London advanced 2.6 percent. Copper rose 3.3 percent and nickel jumped 9.6 percent. Separately, Rio said it will cut 14,000 jobs, reduce capital spending by more than half, reduce net debt by $10 billion by end 2009 from $38.9 billion, and sell “significant assets” as demand for metals sinks in the global recession.

Bank of Queensland Ltd. (BOQ AU), a regional Australian lender, fell 35 cents, or 3.4 percent, to A$9.92. The bank said it will start a share purchase plan and review strategic partnerships and potential mergers in a review of its business.

Macquarie Group Ltd. (MQG AU), Australia’s biggest investment bank, gained for the third day, adding 31 cents, or 1 percent, to A$30.81. The bank plans to sell at least $1 billion of government-guaranteed debt in U.S. dollars as soon as today, according to a person familiar with the offering.

The five-year notes, guaranteed by the Australian federal government, may yield about 160 basis points more than the mid- swap rate, said the person, who declined to be identified because terms aren’t set.

Sino Gold Mining Ltd. (SGX AU), owner of China’s second- largest gold mine, added 33 cents, or 8.5 percent, to A$4.20, heading for a 42 percent gain this week. The miner said 2009 production may rise 53 percent as its second Chinese mine begins output.

Ventracor Ltd. (VCR AU), a maker of artificial heart pumps, plunged 1.3 cents, or 18 percent, to 6 Australian cents, after the company said it’s seeking potential buyers and that it hasn’t got capital to operate beyond June 30, 2009.

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