Stocks to watch on the Australian stock exchange Wednesday May 16

ANZ – ANZ BANKING GROUP LTD – down seven cents at $22.13

ANZ Banking Group has further cemented its ambitious Asian expansion strategy by announcing it will invest an additional $A300 million to support business growth in China.

BLY – BOART LONGYEAR LTD – down 26 cents at $3.30

Drilling and mining products company Boart Longyear has reaffirmed its forecast for a big lift in earnings in 2012.

CCA – COCA-COLA AMATIL – down 58 cents at $46.27

Alcohol will once again become the real thing for Coca-Cola Amatil (CCA) when it is cleared to re-enter the local beer market from next year.

CTP – CENTRAL PETROLEUM LTD – up 0.3 cents at 9.6 cents

Industry veteran Richard Cottee has taken up the reins as chief executive at conflict-ridden Central Petroleum, saying it’s the company’s massive exploration acreage that appeals to him

GNS – GUNNS – in a trading halt, last traded at 16 cents.

Woodchipper Gunns has struck a deal to sell its hardwood sawn timber business for $28 million as it continues to finalise its long-awaited capital raising.

MBN – MIRABELA NICKEL LTD – in trading halt, last traded at 34 cents

Beleagured miner Mirabela Nickel is seeking to raise as much as $120 million from investors.

PBG – PACIFIC BRANDS – down 3.5 cents at 58.5 cents

Pacific Brands says there will be no takeover offer for the clothing maker, after discussions with potential suitors failed to reach a deal.

STO – SANTOS LTD – down 14 cents at $12.55

Oil and gas producer Santos Ltd says recent gas discoveries have made a third train at the Papua New Guinea LNG project more likely.

SUN – SUNCORP – up 14 cents at $8.42

Suncorp continues to be hit by natural disasters, with its insurance costs for the financial year currently $253 million above its expectations.(SUNCORP on file)