Stocks to watch on the Australian stock exchange on Thursday:
AVJ – AV JENNINGS LTD – steady at 45 cents
Residential developer AVJennings has posted a 34 per cent lift in annual profit, but has flagged softening market conditions ahead.
BNO – BIONOMICS LTD – down four cents at 60 cents
Biotech company Bionomics will expand the development program for its tumour treatment drug.
DOW – DOWNER EDI LTD – down 12 cents at $3.86
Downer EDI is reviewing its general consultancy practices in Asia, Australia and New Zealand perhaps leading to divesting the businesses.
FMG – FORTESCUE METALS GROUP LTD – down 26 cents at $6.21
Fortescue Metals Group insists it has all the approvals needed to proceed with its Solomon iron ore project, but Aboriginal landowners are questioning the validity of its mining leases.
FXJ – FAIRFAX MEDIA LTD – down 3.5 cents at 86 cents
Fairfax Media shares hit a record low on Wednesday as the latest falls in consumer spending foreshadowed continuing weak advertising revenues for media companies.
IVA – IVANHOE AUSTRALIA LTD – up four cents at $2.62
Billionaire mining mogul Robert Friedland says Ivanhoe Mines’ Oyu Tolgoi copper, gold and silver project in Mongolia is on track to begin production ahead of schedule and under budget.
NWS – NEWS CORPORATION – down 47 cents at $14.57
NWSLV – NEWS CORPORATION NON-VOTING – down 46 cents at $14.12
Prime Minister Julia Gillard had a private meeting with editors from Rupert Murdoch’s News Corporation newspapers in Sydney on Tuesday night following an invitation from News CEO John Hartigan.
QAN – QANTAS AIRWAYS LTD – down 6.5 cents at $1.79
The removal of a John Travolta safety video from Qantas flights has fuelled union fears that CEO Alan Joyce is set to announce a major restructure of the airline that will include pilots’ jobs being outsourced.
RMS – RAMELIUS RESOURCES LTD – up eight cents at $1.495
Western Australian gold miner Ramelius Resources has forecast a more than four fold rise in full year gross profit on the back of soaring production and gold prices.
SDL – SUNDANCE RESOURCES LTD – down one cent at 50.5 cents
Sundance Resources isn’t in principle against a takeover by China’s Hanlong Mining, but the price has to be right and conditions need to be dropped, chairman George Jones says.
SKC – SKY CITY ENTERTAINMNENT GROUP LTD – down eight cents at $2.85
Sky City Entertainment Group has named Chris Moller as successor to chairman Rod McGeoch, who is to retire at the company’s 2012 annual meeting.
