By Ian C. Sayson
Dec. 10 (Bloomberg) -- The S&P/ASX 200 Index gained 36.4 points, or 1 percent, to 3,640.70 at the close of trading in Sydney. The broader All Ordinaries Index rose 39.60, or 1.1 percent, to 3,573.30 while the futures contract due in December added 0.5 percent to 3,640.
Commonwealth Bank of Australia (CBA AU), the nation’s largest mortgage lender, dropped A$1.50, or 5 percent, to A$28.50 after it said it will sell up to A$750 million ($495 million) in stock to Merrill Lynch & Co.
Iluka Resources Ltd. (ILU AU), the world’s biggest zircon producer, gained for the sixth day, adding 15 cents, or 3.2 percent, to A$4.85. The company raised its 2008 profit forecast 20 percent to about A$60 million because of the falling Australian currency.
OneSteel Ltd. (OST AU), the second-largest Australian producer of the alloy, sank 15 cents, or 6.4 percent, to A$2.20. The company said today that it doesn’t expect extraordinary profit in the first half.
Wesfarmers Ltd. (WES AU), which operates businesses ranging from groceries to coal mining, increased 21 cents, or 1.3 percent, to A$16.35. The company said production from its Curragh mine will meet its fiscal year forecast even after damage to one of the five draglines at the mine.
Westpac Banking Corp. (WBC AU), Australia’s second-largest bank, decreased A$1.51, or 8.5 percent, to A$16.37, its biggest drop since Nov. 13. The bank said it raised A$2.5 billion from the sale of shares at A$16 apiece yesterday. The price was 11 percent lower than the closing price on Dec. 8.
To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net.
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