Stocks to watch on the Australian stock exchange early on Tuesday:
COH – COCHLEAR LTD – down $14.68, or 20 per cent, at $57.50
Bionic ear maker Cochlear has been forced to begin a global recall of the world’s thinnest hearing implants after some stopped working.
HUN – HUNNU COAL LTD – up 34 cents, or 25 per cent, at $1.725
Mongolia-focused coal explorer Hunnu Coal has backed a $477 million takeover bid by its biggest shareholder, Thai coal miner Banpu Public Company.
LNC – LINC ENERGY LTD – down 21 cents, or 10.3 per cent, at $1.83
Linc Energy plans to buy back on-market up to five per cent of the company’s shares, worth about $51 million.
MTS – METCASH LTD – down seven cents, or 1.7 per cent, at $4.12
Metcash Ltd has completed a $US225 million ($A213 million) private placement debt issue with US institutional investors.
Separately on Sunday, the competition watchdog said it would closely monitor any attempt by Coles or Woolworths to buy Franklins stores and block any sales that lessen competition.
NUF – NUFARM LTD – down six cents, or 1.5 per cent, at $3.89
Herbicide and pesticide maker Nufarm Ltd says underlying operating profit will exceed the top end of its $88 million to $94 million guidance range.
ORI – ORICA LTD – down 71 cents, or three per cent, at $23.26
The NSW government is embarking on the largest ever audit of toxic chemical sites in response to the Orica chemical spill last month.
SUN – SUNCORP GROUP LTD – down 47 cents, or 5.7 per cent, at $7.85
Queensland-based insurer Suncorp is planning to send thousands of jobs offshore after its hard-working employees raised its reputation in the wake of the summer floods, a union claims.
