Stocks to watch on the Australian stock exchange at the close on Monday:
AQA – AQUILA RESOURCES LTD – down 12 cents at $3.00
Aquila Resources shares were more than four per cent lower after the minerals explorer was unable to agree on a proposed budget for its West Pilbara Iron Ore Project.
ARG – ARGO INVESTMENTS LTD – down six cents at $6.65
Argo Investments does not expect strong earnings growth from Australian companies this year, although investor confidence should improve.
FMG – FORTESCUE METALS GROUP LTD – steady at $4.79
Fortescue Metals has agreed to stop work on the development of Iron Ore Holding’s Iron Valley deposit in Western Australia.
GMG – GOODMAN GROUP – down two cents at $4.62
Property developer Goodman Group says it will start developing new projects worth about $451 million across key Australian markets.
QAN – QANTAS AIRWAYS LTD – steady at $1.54
Qantas plans to broaden the number of destinations it flies to in Asia as part of its new alliance with Emirates.
RIO – RIO TINTO LTD – up 79 cents at $67.99
The world’s second largest iron ore miner Rio Tinto’s $3 billion expansion of a Pilbara mine has been approved by the West Australian government.
