Stocks to watch on the Australian stock exchange:

ANZ – AUSTRALIA AND NEW ZEALAND BANKING GROUP – up 20.00 cents, or 0.82 per cent, at $24.51

ANZ Bank is cutting 200 local jobs, blaming tough economic conditions and low lending growth.

BLY – BOART LONGYEAR – down 0.40 cents, or 4.00 per cent, at 9.6 cents

Drilling services firm Boart Longyear has narrowed its first quarter loss to $US61 million ($A83.67 million), from $US71 million a year ago, as it continues to struggle against lower prices and unfavourable currency movements.

DLX – DULUXGROUP – down 19 cents, or 2.96 per cent, at $6.22

Paint company Dulux expects to improve its 2016 full-year net profit after receiving a 28.7 per cent lift in first-half result.

RHL – RURALCO HOLDINGS – down 1.00 cent, or 0.29 per cent, at $3.46

Agribusiness Ruralco Holdings is optimistic about its performance for the rest of the year given forecasts of above average rainfall over the winter cropping season, and continued high prices for cattle and sheep.

WES – WESFARMERS – up 40.00 cents, or 0.93 per cent, at $43.29

Australian dairy farmers are waiting for more detail about Coles’ new milk brand to find out exactly how they will benefit from the supermarket’s initiative.