Stocks to watch on the Australian stock exchange on Friday November 16
AIO – ASCIANO LTD – up 15 cents at $4.33
Ports and rail operator Asciano has told shareholders that it is operating in a tough economic environment and it is frustrated by its disappointing share price performance.
BSL – BLUESCOPE STEEL LTD – steady at 46 cents
Troubled steelmaker BlueScope Steel has slashed bonuses and cut its chief executives pay packet to help it avoid a damaging shareholder protest vote at its annual general meeting.
CTY – COUNTRY ROAD LTD – steady at $3.26
Fashion apparel retailer Country Road has reported a 36.9 per cent increase in sales for the first 20 weeks of its financial year compared with the same period a year ago.
FMG – FORTESCUE METALS GROUP LTD – down four cents at $3.96
Fortescue Metals Group will take an 18 per cent stake in oil and gas explorer Oil Basins, as it looks to diversify following volatility in the iron ore price.
GNC – GRAINCORP LTD – up two cents at $12.20
Grains marketer and maltster GrainCorp has rejected a $2.68 billion takeover proposal from US-based food processing giant Archer Daniels Midland Company (ADM) whilst boosting its annual profit by 19 per cent and lifting its dividend.
JHX – JAMES HARDIE INDUSTRIES SE – down 17 cents at $8.80
James Hardie has issued its most positive outlook for its key United States market since the global financial crisis, but Australian conditions remain weak.
LLC – LEND LEASE GROUP – down one cent at $8.25
Lend Lease Group has incurred its “first strike,” with 26 per cent of shareholders voting against the property developer’s executive pay report.
LYC – LYNAS CORPORATION LTD – down five cents at 60.5 cents
Shares in rare earths miner Lynas have fallen by more seven per cent after Malaysian activists continued legal action against the company’s controversial processing plant.
MGR – MIRVAC GROUP – down 2.5 cents at $1.43
Property owner and developer Mirvac says it sees some areas of strength in the NSW housing market but a recovery in Queensland is still some time away.
MRN – MACQUARIE RADIO NETWORK LTD – steady at 58.5 cents
The Macquarie Radio Network says it incurred losses of up to $1.5 million after broadcaster Alan Jones said the Prime Minister’s late father died of shame.
MYR – MYER HOLDINGS LTD – up 13 cents at $2.13
Department store chain Myer has experienced its second consecutive quarter of comparable sales growth but chief Bernie Brookes is remaining cautious about Christmas sales.
PPX – PAPERLINX LTD – up 0.2 cents at 5.9 per cents
Struggling paper, packaging and signage merchant PaperlinX has announced more restructuring and cost cuts in its business in the United Kingdom in response to depressed trading conditions in Europe.
QAN – QANTAS AIRWAYS LTD – up five cents at $1.28
Qantas’ move to buy back about four per cent of its issued stock to improve the airline’s ailing share price appears to have had initial success.
SVW – SEVEN GROUP HOLDINGS LTD – down 17 cents at $6.30
Kerry Stokes’ Seven Group Holdings is upbeat despite facing tough markets for its Chinese and Australian mining equipment businesses, and media operations.
