Australia Stocks: BHP, David Jones, Macquarie, Sino, Woodside

By Shani Raja

Dec. 2 (Bloomberg) -- The S&P/ASX 200 Index fell 153 points, or 4.2 percent, to 3,528.20 at the close of trading in Sydney, the biggest drop since Nov. 20.

Australia’s central bank cut its benchmark interest rate by one percentage point today, extending the biggest round of reductions since the nation was last in a recession in 1991.

Mining shares: BHP Billiton Ltd. (BHP AU), the world’s largest mining company, plunged A$2.87, or 9.6 percent, to A$27.03, extending yesterday’s 3.6 percent loss. Rio Tinto Group (RIO AU), the No. 3, slipped A$3.70, or 8.7 percent, to A$39, the lowest since Jan. 6, 2005.

A measure of six metals traded in London dropped 1.6 percent. Zinc lost 3.6 percent, copper 0.8 percent, and nickel 3.9 percent. Rio was downgraded to “neutral” from “overweight” at JPMorgan Chase & Co.

Oil companies: Woodside Petroleum Ltd. (WPL AU) slumped A$3.79, or 11 percent, to A$32.41, the most since Oct. 10. Santos Ltd. (STO AU) declined 39 cents, or 2.7 percent, to A$14, the lowest since Nov. 26.

Crude oil fell to the lowest in more than three years in New York on signs that the economy in the U.S., the world’s largest energy consumer, is in a more severe economic slowdown than expected.

Albidon Ltd. (ALB AU), an Australian company developing a nickel mine in Zambia, tumbled 5 cents, or 20 percent, to a record low 18 cents. The company said Managing Director Dale Rogers quit. Directors Alasdair Cooke and Paul Chapman have been appointed joint managing directors until a replacement for Rogers is found, a statement said.

Aquarius Platinum Ltd. (AQP AU), a producer of the metal in South Africa and Zimbabwe, slumped 24 cents, or 7.6 percent, to A$2.92. Platinum futures for January fell 8.2 percent to $809.90 an ounce in New York, on concern that demand for catalytic converters that use the metal may decline further as auto sales drop.

David Jones Ltd. (DJS AU), Australia’s second-biggest department store chain, rose 13 cents, or 5.1 percent, to A$2.70, the most since Nov. 3. The retail sales trend series increased 0.2 percent in October from the previous month, the Bureau of Statistics said in Sydney today, beating the median forecast of 13 economists surveyed by Bloomberg News.

Macquarie Group Ltd. (MQG AU) tumbled A$3.91, or 13 percent, to A$26.21, the most since Sept. 18. Australia’s biggest investment bank is poised to fire up to 10 percent of its trading workforce as the company seeks to cut costs amid the global credit crisis, the Australian reported, without saying where it got the information.

NRW Holdings Ltd. (NWH AU) fell 7 cents, or 26 percent, to 20 cents, a record low and the benchmark’s biggest loser. Paradice Investment Management Ltd. said it ceased to be a substantial holder in the civil-engineering company.

Sino Gold Mining Ltd. (SGX AU), operator of China’s second- largest bullion producer, declined 27 cents, or 7.5 percent, to A$3.34, the most since Nov. 20. Bullion for February delivery fell 5.2 percent to $776.80 an ounce in New York, the biggest percentage decline for a most-active contract since March 19.

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