News from AAP

Stocks to watch early on Friday

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Stocks to watch on the Australian stock exchange on Friday, July 13

ARA – ARIADNE AUSTRALIA LT – steady at 32 cents

CVW – CLEARVIEW WEALTH LTD – up seven cents at 53.5 cents

Shares in ClearView Wealth Management soared by 15 per cent after the financial services group received a $220 million takeover offer.

BHP BILLITON LTD – down 65 cents at $30.40

Global miner BHP Billiton is reportedly investigating selling its aluminium assets in Brazil.

CSR – CSR LTD – down three cents at $1.20

Construction products company CSR fears the soft housing market and low aluminium prices will be a drag on its first half earnings.

ILU – ILUKA RESOURCES LTD – down 29 cents at $8.98

Mineral sands miner Iluka Resources will cut its production and sales volumes to protect margins amid downturns in global markets

MYR – MYER HOLDINGS LTD – down 1.5 cents at $1.66

Struggling department store Myer is shedding 100 jobs in its latest attempt to shave costs during the toughest trading conditions in a quarter of a century.

PPT – PERPETUAL LTD – down 49 cents at $22.30

Wealth management group Perpetual Ltd is to sell its mortgage processing business to the local subsidiary of US giant First American Financial Corp for an undisclosed sum.

RIO – RIO TINTO LTD – down $1.40 at $54.25

Rio Tinto’s chief financial officer and long-serving board member Guy Elliott will step down from his post at the end of 2013.

TCL – TRANSURBAN GROUP – up 15 cents at $5.83

Roads operator Transurban has lifted its annual toll revenue by nearly six per cent to $943.9 million.

TLS – TELSTRA CORPORATION LTD – down one cent at $3.85

Telstra is selling its New Zealand subsidiary TelstraClear to Vodafone for $NZ840 million ($A660 million), possibly paving the way for the cashed-up telco to make smaller acquisitions.

UGL – UGL LTD – up seven cents at $12.46

Specialised engineering and asset management group UGL has secured $350 million of new contracts.

WES – WESFARMERS LTD – up 19 cents at $30.47

Supermarket operator Coles says the retail landscape is getting more competitive as big overseas retailers move into the Australian market, but Coles won’t be expanding internationally at this stage.