Stocks to watch on the Australian stock exchange on Friday, August 17
ABC – ADELAIDE BRIGHTON LTD – down 35 cents at $2.90
Building materials provider Adelaide Brighton is optimistic of increasing its full year earnings, despite the challenges facing the residential and commercial property markets.
AMP – AMP LTD – up 20 cents at $4.36
AMP’s shares are higher after the wealth manager beat expectations with a seven per cent rise in underlying first half profit.
ASX – ASX LTD – down 11 cents at $31.30
Equity market operator ASX Ltd has reported a four per cent drop in annual net profit, blaming decreased investor activity arising from Europe’s debt crisis.
AWC – ALUMINA LTD – down six cents at 72.5 cents
Alumina Ltd has flagged an end to China’s control over aluminium prices as it posts a $US14.6 million ($A13.95 million) half year loss.
BHP – BHP BILLITON LTD – up 26 cents at $32.88
Global miner BHP Billiton has flagged potential job losses at some of its Australian operations as it reins in costs amid falling commodity prices.
BXB – BRAMBLES LTD – up five cents at $6.48
Global pallet and container business Brambles has lifted annual profit by more than 20 per cent and expanded its overseas markets in the face of weak global conditions.
DXS – DEXUS PROPERTY GROUP – down 2.5 cents at 97 cents
Dexus Property Group has suffered a 67 per cent slump in full year profit, but is predicting a pick-up in earnings in the 2012/13 financial year.
IIN – IINET LTD – up three cents at $3.55
As trucks arrive in towns across Australia to roll out the $37 billion national broadband network (NBN), the iiNet sales team won’t be far behind.
IVA – IVANHOE AUSTRALIA LTD – down 2.5 cents at 40 cents
Ivanhoe Australia plans to cut costs by almost $100 million and reduce spending by up to $74 million over the next two years as it tries to improve cash flow and look to joint ventures in volatile market conditions.
FXJ – FAIRFAX MEDIA LTD – up one cent at 55.5 cents
TME – TRADE ME GROUP LTD – up one cent at $2.97
CMJ – CONSOLIDATED MEDIA HOLDINGS LTD – up one cent at $3.45
Ellerston Capital, a fund manager controlled by Australian billionaire James Packer’s family interests, has emerged as a substantial shareholder in online auction site Trade Me.
GFF – GOODMAN FIELDER LTD – down one cent at 54.5 cents
Goodman Fielder has played down reports that the world’s biggest palm oil processor has its eye on the breads and spreads maker.
IVC – INVOCARE LTD – up 25 cents at $8.70
Australia’s biggest funerals operator is on the hunt for acquisitions after lifting its interim profit by 40 per cent.
MCR – MINCOR RESOURCES LTD – steady at 67.5 cents
Mincor Resources has achieved a return to profitability despite a falling nickel price. (MINCOR on file with factboxes)
ORL – OROTONGROUP LTD – steady at $7.74
Top American designer Ralph Lauren is ending its 23-year licence deal with Australian accessories group OrotonGroup.
PTM – PLATINUM ASSET MANAGEMENT LTD – up seven cents at $3.85
Listed funds manager Platinum Asset Management expects a pick up in world share markets that will assist it to improved profitability.
TSE – TRANSFIELD SERVICES LTD – down two cents at $1.99
Brothers Luca and Guido Belgiorno-Nettis will retire as directors of construction and maintenance group Transfield Services, ending a longstanding link between the company and its founding family.
TTS – TATTS GROUP LTD – up five cents at $2.81
Tatts Group is suing the Victorian government for hundreds of millions of dollars in compensation following the expiry of its gaming operator’s licence.
WES – WESFARMERS LTD – up $1.23 at $33.72
Canny shoppers are seeking value for money to combat falling house prices and shrinking superannuation funds, Wesfarmers boss Richard Goyder says as his conglomerate posts an 11 per cent lift in full-year profit.
AAP
