
Australian stocks fell for a sixth session as oil prices rose above $60 a barrel to a record, fueling concern higher energy costs will curtail consumer spending. Foster's Group Ltd. and Wesfarmers Ltd. paced the decline.
Oil producers Woodside Petroleum Ltd. and Santos Ltd. climbed to all-time-highs.
``While high oil prices are good news for resources stocks they are bad news for consumer and transport stocks as they cut into consumer purchasing power and raise costs,'' said Shane Oliver, who helps manage about $54 billion as head of investment strategy at AMP Capital Investors.
The S&P/ASX 200 Index lost 14.40, or 0.3 percent, to 4231.20 at the 4:05 p.m. close in Sydney. About 12 stocks fell for every seven that gained. The index fell for a sixth day, the longest losing streak since the six sessions ended May 3 last year.
New Zealand's NZSX 50 Index added 0.8 percent to 3163.99 at the 5 p.m. close in Wellington. Carter Holt Harvey Ltd. rose.
Foster's, Australia's biggest brewer and winemaker, slipped 10 cents, or 1.9 percent, to A$5.31. Wesfarmers, which owns the Bunnings chain of hardware stores, slid 11 cents, or 0.3 percent, to A$39.50.
Transport stocks, such as Patrick Corp. and Qantas Airways Ltd., declined on concern rising fuel prices will squeeze profits.
Crude oil prices today traded as high as $60.47, a record, in after-hours trading in New York on concern that oil producers and refiners will strain to boost output to meet surging demand for fuel.
Woodside Petroleum Ltd., Australia's second-biggest oil producer, added 54 cents, or 1.9 percent, to A$29.54. Santos Ltd., the nation's third-biggest oil producer, climbed 35 cents, or 3.1 percent, to A$11.61. Tap Oil Ltd., an Australian oil and gas explorer, climbed 17 cents, or 7.5 percent, to A$2.45.
The S&P/ASX 200 Index's futures contract for June slipped 0.5 percent to 4242. The broader All Ordinaries Index fell 0.3 percent to 4191.20.
The following shares also rose or fell. The stock symbols are in brackets after the company names.
Australian stocks:
Australian Pharmaceutical Industries Ltd. (API AU) rose 5 cents, or 1.6 percent to A$3.14. The country's biggest drug wholesaler said full-year profit rose 61 percent on increased sales from new stores.
Net income in the year ended April 30 rose to A$29.7 million ($23 million) from A$18.4 million a year ago, the Sydney-based company said in a statement to the Australian Stock Exchange. Sales rose 16 percent to A$3.4 billion.
Macquarie Capital Alliance Group (MCQCA AU), an Australian investment fund, rose 16 cents, or 8.7 percent, to A$2. Macquarie Capital Alliance and Macquarie Bank Ltd. agreed to buy a unit of British Broadcasting Corp. for 166 million pounds ($303 million).
Macquarie Capital will acquire 65 percent of BBC Broadcast Ltd. for 75 million pounds, the Sydney-based fund said in a statement. Macquarie Bank, Australia's biggest publicly traded investment bank, will invest 40 million pounds for a 35 percent stake in the broadcast unit.
Miller's Retail Ltd. (MRL AU), an Australian discount retailer, surged 7 cents, or 9.9 percent, to 78 cents. Warehouse Group Ltd. (WHS NZ), New Zealand's biggest retailer, confirmed it is holding talks with Miller's as part of a review of its Australian discount stores. Warehouse plans to team up with Miller's to sell their Australian discount stores for as much as A$300 million, the Australian newspaper reported today, without saying where it got the information.
Quickflix Ltd. (QFX AU), which rents DVD movies through the mail, slumped 7 cents, or 35 percent, to 13 cents on its first day of trading.
Sims Group Ltd. (SMS AU), the world's biggest recycler of scrap metal, added 85 cents, or 6.2 percent, to A$14.60. The shares were raised to ``neutral'' from ``underperform,'' by Michael Slifirski and Julian McCormack, analysts at Credit Suisse First Boston.
Sims on Friday said it agreed to buy New York-based Hugo Neu Group for about A$449 million in shares to expand in the U.S.
New Zealand:
Carter Holt Harvey Ltd. (CAH NZ) rose 28 cents, or 15 percent, to NZ$2.21. New Zealand's biggest forest products company said International Paper is considering ``strategic alternatives'' for its NZ$1.3 billion ($911 million) percent stake. International Paper is in the early stages of the process of reviewing the 50.5 percent stake, Carter said.
Warehouse Group Ltd. (WHS NZ) rose 28 cents, or 8.2 percent, to NZ$3.68. Warehouse confirmed it is holding talks with Miller's Retail Ltd. (MRL AU) as part of a review of its Australian discount stores. PIN/Bloomberg
News ID 56536
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