Australian Stocks Rise, Led by BHP Billiton on Metals Demand

Australian Stocks Rise, Led by BHP Billiton on Metals Demand

April 26 (Bloomberg) -- Australian stocks gained, led by BHP Billiton Ltd. and Rio Tinto Group, after China said it may boost iron-ore imports and prices of copper and zinc advanced.

The S&P/ASX 200 Index rose 22.60, or 0.4 percent, to 6210.80 at 10:24 a.m. in Sydney. About two stocks rose for each that fell.

New Zealand's NZX 50 Index added 0.5 percent to 4183.68 at 12:24 p.m. in Wellington.

BHP, the world's largest mining company, gained 24 cents, or 0.8 percent, to A$30.25. Rio Tinto, the second biggest, added 59 cents, or 0.7 percent, to A$84.34.

China, the world's largest iron-ore buyer, may boost imports as much as 20 percent this year as demand rises, the head of the China Metallurgical Mining Enterprise Association said yesterday.

Copper futures for July delivery gained 1.2 percent to $3.6055 a pound on the Comex division of the New York Mercantile Exchange. Prices have risen for seven straight weeks.

Copper for delivery in three months gained 0.5 percent to $7,860 a metric ton on the London Metal Exchange, while zinc added 0.5 percent.

The S&P/ASX 200 Index's futures contract for June added 0.9 percent, to 6235. The broader All Ordinaries Index gained 23.80 points, or 0.4 percent, to 6197.10.

The following stocks also rose or fell. The stocks symbols are in brackets after the company names.

Bank of Queensland Ltd. (BOQ AU), the bank, which had it's A$2.7 billion ($2.3 billion) takeover bid for Bendigo Bank Ltd. rejected on April 24, fell 39 cents, or 2.1 percent, to A$18.22. Bank of Queensland was downgraded to ``underperform'' from ``neutral'' by analyst James Ellis at Credit Suisse. Bendigo Bank (BEN AU), fell 15 cents, or 0.9 percent, to A$16.85. It was also cut to ``underperform'' by Ellis.

Coles Group Ltd. (CGJ AU), the target of Australia's largest takeover, added 13 cents, or 0.8 percent, to A$17.29. Woolworths Ltd., Australia's biggest retailer may partner with U.K. retailer Tesco Plc to make a joint bid for Coles, according to the Australian newspaper.

New Zealand:

Kirkcaldie & Stains Ltd. (KRK NZ), a department store owner, added 10 cents, or 3.3 percent, to NZ$3.10, its highest in more than three years. Kirkcaldie gained 3.5 percent on April 24 after it said first-half profit more than doubled, enabling the company to pay a dividend earlier than it had indicated.

Restaurant Brands New Zealand Ltd. (RBD NZ), owner of the KFC, Pizza Hut and Starbucks Coffee franchises, fell 1 cent, or 1.1 percent, to 91 cents, one cent off its lowest in a year. Earnings fell 47 percent in the year to Feb. 28, to NZ$6.5 million ($4.8 million) after a disappointing result from Pizza Hut, Restaurant Brands said in a statement to the exchange.

Skellerup Holdings Ltd. (SKL NZ), a New Zealand rubber goods and dairy equipment maker, gained 2 cent, or 1.7 percent, to NZ$1.17. Skellerup issued 497,084 ordinary shares at NZ$1.13 each.

Tourism Holdings Ltd. (THL NZ), New Zealand's largest campervan operator, gained 5 cents, or 2.4 percent, to NZ$2.15. The company said increased costs of relocating a motor-home construction unit may reduce full-year earnings ``well in excess'' of the NZ$1.5 million ($1.1 million) previously indicated, according to a statement to the exchange.