By Ian C. Sayson and Malcolm Scott
Dec. 12 (Bloomberg) -- The S&P/ASX 200 Index fell 54.30 points, or 1.5 percent, to 3,543.70 as of 10:23 a.m. in Sydney, heading for its biggest loss since Dec. 2. The broader All Ordinaries Index declined 50.90, or 1.4 percent, to 3,483.30 while the futures contract due in December fell 1.2 percent to 3,544.
The following companies had unusual price changes in Australia trading. Stock symbols are in parentheses.
Oil companies: Woodside Petroleum Ltd. (WPL AU), the nation’s second-biggest oil producer, rose 93 cents, or 2.8 percent, to A$33.70, heading for an 11 percent gain this week after oil had its biggest one-day advance in five weeks. Santos Ltd. (STO AU), Australia’s third-biggest oil and gas producer, added 20 cents, or 1.4 percent, to A$15, heading for its highest close this month.
Crude oil jumped 10 percent, the biggest gain in five weeks, after the Saudi Arabian oil minister said he had delivered output cuts promised to OPEC, a sign world supplies are smaller than traders estimated.
Qantas Airways Ltd. (QAN AU), Australia’s biggest airline, fell 7 cents, or 3 percent, to A$2.28, set for its sharpest loss this week. The company was ordered to pay A$20 million ($13.2 million) in penalties for price fixing by the Federal Court in Sydney, according to the Australian Competition and Consumer Commission.
Suncorp-Metway Ltd. (SUN AU), Australia’s fifth-largest bank and third-largest insurer, fell 22 cents, or 2.9 percent, to A$7.47, set for its lowest close since Nov. 27. The company said it sold A$1.1 billion of bonds guaranteed by the Australian government.
To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net; Malcolm Scott in Sydney at Mscott23@bloomberg.net.
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