By Shani Raja
Dec. 16 (Bloomberg) -- The following companies are having unusual price changes in Australian trading today. Stock symbols are in parentheses.
The S&P/ASX 200 Index fell 70.20 points, or 2 percent, to 3,521.20 at 11:02 a.m. in Sydney.
Oil companies: Woodside Petroleum Ltd. (WPL AU) dropped 1.33 cents, or 3.75 percent, to A$34.16, the most since Dec. 2. Santos Ltd. (STO AU) fell 29 cents, or 1.9 percent, to A$14.71.
Crude oil fell on speculation OPEC production cuts may be insufficient to bolster prices as the global recession curbs fuel consumption. Crude for January delivery fell 3.8 percent to $44.52 a barrel at the close of floor trading on the New York Mercantile Exchange.
Macarthur Coal Ltd. (MCC AU), the world’s biggest exporter of pulverized coal, tumbled 64 cents, or a record 18 percent, to A$2.84, the lowest in four years and the index’s biggest loser. Macarthur cut its first-half profit forecast as much as 53 percent and reduced its sales estimate after customers sought to defer shipments on slumping steel demand.
Macquarie DDR Trust (MDT AU), an Australian real estate investment trust, dropped 1 cent, or 14 percent, to 3.9 cents, a record low. Macquarie Group Ltd. (MQG AU) said it ceased to be a substantial holder of the company’s shares.
Telstra Corp. (TLS AU) slumped 24 cents, or 6.6 percent, to A$3.41, a record low. Australia’s largest telephone company had its rating cut to “hold” from “buy” at ABN Amro Holding NV. Telstra tumbled 48 cents, or 12 percent, to A$3.65 yesterday after being disqualified from the government’s plans to build a nationwide high-speed Internet network.
To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net.
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