Stocks to watch on the Australian stock exchange on Friday, Dec 12:
BCI – BC IRON – up 0.5 cents, or 1.27 per cent, at 40 cents
BC Iron has slashed dozens of jobs at its West Australian mine and head office as it reduces costs amid weak iron ore prices.
BHP – BHP BILLITON – down 39 cents, or 1.33 per cent, at $29.00
OSH – OIL SEARCH – down 21 cents, or 2.9 per cent, at $7.04
STO – SANTOS – down 63 cents, or 8.26 per cent, at $7.00
WPL – WOODSIDE PETROLEUM – down 71 cents, or 2.03 per cent, at $34.19
Oil stocks have taken a beating after oil prices fell to new five-year lows, while Santos announced plans to slash its capital expenditure by 25 per cent.
BKN – BRADKEN – down six cents, or 1.32 per cent, to $4.50
Manufacturer Bradken is opening its books to its private equity suitors and fielding takeover interest from other parties.
CTX – CALTEX AUSTRALIA – up 87 cents, or 2.86 per cent, at $31.26
Caltex expects to lift its full year profit by about 40 per cent thanks to higher fuel sales in the face of falling oil prices.
QAN – QANTAS AIRWAYS – up five cents, or 2.09 per cent, at $2.44
VAH – VIRGIN AUSTRALIA – steady, at 43.5 cents
Travellers should pay less to fly next year as the slide in the oil price allows airlines to cut fares and lift profits at the same time.