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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BHP Group Plc | NYSE:BBL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 64.18 | 0 | 01:00:00 |
By Rhiannon Hoyle
SYDNEY--Shares in South32 Ltd. (S32.AU), the new global miner spun off by BHP Billiton Ltd. (BHP.AU), rose on their debut on the Australian Securities Exchange Monday.
The stock--the biggest to list in Australia this century--opened at 2.13 Australian dollars (US$1.71) a share at 0200 GMT. By 0203 GMT, shares had climbed to A$2.20. That values South32's Australian listing at A$11.4 billion.
BHP announced plans last August to set up South32 to house unwanted operations including coal mines and aluminum smelters. That proposal was overwhelmingly backed by shareholders earlier this month.
Australian shares will trade on a deferred settlement basis until early next month, when normal trading begins. South32 shares will also list on exchanges in the U.K. and South Africa later Monday.
Near term, trading in South32 may be volatile, equity analysts say, because it will be ineligible for inclusion in key U.K. stock market indexes as it isn't incorporated in that country. U.K. funds that track such indexes will have to sell shares they receive in South32.
However, analysts previously anticipated the stock would attract strong demand from Australian investors. The new company, based in Perth, will enter the S&P/ASX 200 index as it will be one of the country's largest listed companies.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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