Australia Stocks: Macquarie, Minara, Newcrest, Rio, Woodside

By Shani Raja

Dec. 2 (Bloomberg) -- The S&P/ASX 200 Index fell 130.20 points, or 3.5 percent, to 3,551 at 11:10 a.m. in Sydney, the most since Nov. 20. The broader All Ordinaries Index lost 124.60 points, or 3.4 percent, to 3,494.40, while the futures contract expiring in December dropped 3.4 percent to 3,556.

Mining shares: BHP Billiton Ltd. (BHP AU), the world's largest mining company, plunged A$2.32, or 7.8 percent, to A$27.58, extending yesterday's 3.6 percent loss. Rio Tinto Group (RIO AU), the world's third-biggest mining company, slipped to its lowest price since Jan. 13, 2005, slumping A$2.77, or 6.5 percent, to A$39.93.

Minara Resources Ltd. (MRE AU), an Australian nickel producer controlled by Glencore International AG, fell 5 cents, or 11 percent, to 35 cents, the index's fourth-biggest loser.

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. Separately, Rio's rating was downgraded to “neutral” from “overweight” at JPMorgan Chase & Co.

Gold producers: Newcrest Mining Ltd. (NCM AU), Australia's largest gold producer, slumped A$1.44, or 5.6 percent, to A$24.40, the most since Nov. 18. Sino Gold Mining Ltd. (SGX AU), operator of China's second-largest bullion producer, dived 28 cents, or 7.8 percent, to A$3.33.

Gold tumbled the most in eight months on speculation the slumping global economy will damp demand for commodities. 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.

Oil companies: Woodside Petroleum Ltd. (WPL AU) slumped A$2.45, or 6.8 percent, to A$33.75, the most since Nov. 20. Santos Ltd. (STO AU) declined 61 cents, or 4.2 percent, to A$13.78, the lowest since Nov. 24.

Crude oil fell to the lowest close in more than three years after the Organization of Petroleum Exporting Countries deferred a decision to reduce output until its next meeting on Dec. 17. Crude for January delivery declined 9.5 percent to $49.28 a barrel at 2:47 p.m. on the New York Mercantile Exchange.

Financial stocks: Macquarie Group Ltd. (MQG AU) fell A$2.41, or 8 percent, to A$27.71, the most since Nov. 17. National Australia Bank Ltd. (NAB AU), the nation's biggest lender by assets, dropped 58 cents, or 3 percent, to A$18.85, the most since Nov. 20.

U.S. stocks slid the most since October on concern the global economic slump is deepening and consumers' access to credit is shrinking. The S&P 500 sank 8.9 percent to 816.19, with financial stocks in the index tumbling a record 17 percent as a group.

Albidon Ltd. (ALB AU), an Australian company developing a nickel mine in Zambia, tumbled 5 cents, or 22 percent, to a record low 17 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.

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