Stocks to watch on the Australian stock exchange at noon on Wednesday:
AWC – ALUMINA – up 3.5 cents, or 2.8 per cent, at $1.29
Alumina’s aluminium producing partner Alcoa lost $US178 million ($A192.65 million) in the first quarter as revenue fell on lower aluminium prices, but profit beat expectations after excluding charges to idle capacity at aluminum smelters and mills.
DJS – DAVID JONES – up 73 cents, or 22.9 per cent, at $3.92
MYR – MYER – up 11.5 cents, or five per cent, at $2.415
David Jones has recommended its shareholders accept a $2.15 billion takeover offer from South African retailer Woolworths.
As a result, rival Myer has given up its hope of a merger.
WOR – WORLEYPARSONS – up 84 cents, or 5.4 per cent, at $16.32
Global engineering group WorleyParsons will cut more jobs in a new restructure that will hit this year’s bottom line by $35 million.