Stocks to watch on the Australian stock exchange on Wednesday December 5

AGK – AGL ENERGY LTD – down 19 cents at $14.12

AGL Energy has launched legal action to challenge a price ruling by the Essential Services Commission OF South Australia.

ANZ – ANZ BANKING GROUP LTD – down 10 cents at $24.59

CBA – COMMONWEALTH BANK OF AUSTRALIA – down 31 cents at $60.50

NAB- NATIONAL AUSTRALIA BANK LTD – down four cents at $24.25

WBC – WESTPAC BANKING GROUP – down 14 cents at $25.42

Major banks are under pressure to deliver some Christmas cheer in the form of cheaper mortgages after the Reserve Bank returned its cash rate to record low levels.

GNC – GRAINCORP LTD – up 38 cents at $12.32

Graincorp is likely to reject US food processing giant Archer Daniels Midland Company’s (ADM) second takeover bid, a market analyst says.

SGP – STOCKLAND GROUP – down two cents at $3.38

Stockland has lowered its profit guidance but says it’s banking on a recovery in the property market to boost earnings.

TPG – TPG TELECOMMUNICATION LTD – down two cents at $2.33

TPG Telecom holds its annual general meeting on Wednesday.

WHC – WHITEHAVEN COAL LTD – down two cents at $3.01

Whitehaven Coal says a train derailment will interrupt shipments from the company’s Narrabri mine in NSW for at least another fortnight.