Stocks to watch on the Australian stock exchange at noon on Thursday:

ARI – ARRIUM – up 2.00 cents, or 1.78 per cent, at $1.145

Steel and mining group Arrium is to cut 120 jobs as part of a restructure at its Waratah division.

AZJ – AURIZON – up 1.00 cent, or 0.20 per cent, at $4.89

Rail operator Aurizon has flagged up to 480 workers could lose their job cuts as part of a restructure of its heavy maintenance operations in Queensland.

BLY – BOART LONGYEAR – down 4.00 cents, or 13.79 per cent, at 25 cents

Shares in the world’s largest drilling company, Boart Longyear, have fallen 15 per cent after the company’s rig utilisation rate and revenue fell in its first quarter.

FXJ – FAIRFAX MEDIA – down 1.75 cents, or 1.75 per cent, at 98.25 cents

“Stricken” journalists and members of the public are gathering outside Fairfax newspaper offices, angry at the company’s plan to axe 70 editorial jobs and outsource work.

NAB – NATIONAL AUSTRALIA BANK – up 19 cents, or 0.56 per cent, at $34.03

National Australia Bank has lifted its dividend after a reduction in bad debts helped increase its first half profit to $3.15 billion.

NXS – NEXUS ENERGY – down 3.8 cents, or 64.41 per cent, at 2.1 cents

SVW – SEVEN GROUP HOLDINGS – up 5.50 cents, or 0.67 per cent, at $8.255

Shares in Nexus Energy have slumped after Seven Group Holdings refused to lift its $26.6 million takeover offer for the struggling oil and gas company.

QAN – QANTAS – up 2.5 cents, or 2.05 per cent, at $1.245

Qantas will have cut 2,200 staff by the end of June, and plans to have nearly all of its 5,000 cuts completed 12 months later.

RIO – RIO TINTO – up 52 cents, or 0.86 per cent, at $61.12

Global miner Rio Tinto’s chairman Jan du Plessis has given shareholders a pessimistic view of global financial markets in the short to medium term.