Stocks to watch on the Australian stock exchange on Wednesday October 24
AGK – AGL ENERGY LTD – down 26 cents at $14.70
AGL Energy says it has cut marketing and ended some customer discounts in response to the “ill-considered” decisions of state governments to regulate power prices.
DML – DISCOVERY METALS LTD – eight cents at $1.73
Chinese suitors chasing Discovery Metals have made a formal takeover offer for the minerals explorer at the same price already rejected by the Discovery board.
FXJ – FAIRFAX MEDIA LTD – up 1.5 cents at 38 cents
Fairfax Media chief executive Greg Hywood says the embattled media group has investigated a breakup of its assets and found the numbers didn’t stack up.
IAG – INSURANCE AUSTRALIA GROUP LTD – up three cents at $4.57
Insurance Australia Group (IAG) says it is on track to achieve its full-year financial forecasts after its first quarter performance.
MGR – MIRVAC GROUP – steady at $1.515
Property giant Mirvac and mining magnate Nathan Tinkler are in settlement negotiations over a failed multi-million-dollar agreement to buy industrial land for a new coal terminal in the NSW Hunter region.
NAM – NAMOI COTTON CO-OPERATIVE LTD – steady at 20.5 cents
SYDNEY, Oct 23 AAP – A bumper crop has helped Namoi Cotton return to profitability compared with the previous corresponding half year.
OZL – OZ MINERALS LTD – up 16 cents at $8.45
Oz Minerals says it remains on track to meet its full-year guidance despite posting a fall in copper and gold production during the September quarter.
PBG – PACIFIC BRANDS LTD – down 2.5 cents at 53 cents
Clothing and homewares retailer Pacific Brands says sales have been down so far this financial year and the company doesn’t expect significant improvement.
SPN – SP AUSNET – down 0.5 cents at $1.065
The federal government is considering joining a Black Saturday bushfire class action in a step that could dilute payments to victims, a court has heard. Electrical company SP AusNet is being sued over the February 2009 Kilmore East bushfire which killed 119 people and destroyed more than 1000 homes.
TEN – TEN MEDIA HOLDINGS LTD – up 0.5 cents at 30.5 cents
Ten Network Holdings has received a reduced offer for its outdoor advertising business Eye Corp from its private equity suitor.
WPL – WOODSIDE PETROLEUM LTD – down nine cents at $35.52
Energy giant Woodside Petroleum is looking to expand its operations to Israel.The company on Tuesday said it was bidding for an interest in two petroleum licences in the Mediterranean sea off of Israel.
WOW – WOOLWORTHS LTD – down 15 cents at $29.06
The federal government should develop policies that promote growth rather than taxing businesses to help fill budget shortfalls, Woolworths boss Grant O’Brien says.
