Stocks to watch on the Australian stock exchange early on Tuesday:
AMC – AMCOR LTD – up 27 cents at $7.15
Packaging maker Amcor’s first-half profit has fallen by nine per cent due to the strong Australian dollar and the cost of acquisitions.
BBG – BILLABONG INTERNATIONAL LTD – up 21 cents at $2.83
Billabong International has received a fresh takeover offer from TPG Capital following the surfwear retailer’s announcement of a major restructure plan.
BEN – BENDIGO AND ADELAIDE BANK LTD – up 12 cents at $8.14
Bendigo and Adelaide Bank’s first-half profit has dropped 67 per cent, with higher funding costs and weak demand for loans proving problematic.
BSL – BLUESCOPE STEEL LTD – down one cent at 36.5 cents
Australia’s largest steelmaker, Bluescope Steel, has reported a $530 million first-half net loss for the six months to December 31.
LEI – LEIGHTON HOLDINGS LTD – up 41 cents at $23.83
A joint venture including Leighton subsidiary Thiess has won a $500 million contract to build storage tanks at the Wheatstone liquefied natural gas (LNG) project in Western Australia.
LLC – LEND LEASE GROUP – up two cents at $7.31
Lend Lease’s first-half profit has dipped nearly four per cent and the property group remains cautious about trading conditions for the remainder of its financial year.
NHF – NIB HOLDINGS LTD – up 0.5 cents at $1.465
Private health insurer nib says means testing of the 30 per cent rebate will result in many customers dropping or downgrading their cover.
OZL – OZ MINERALS LTD – down 16 cents at $10.91
A cashed-up Oz Minerals has been under market pressure to make acquisitions but instead has announced it will sell its Cambodian gold assets.
RIO – RIO TINTO LTD – up $1.47 at $68.04
Rio Tinto has splashed out $US518 million ($A481.86 million) on a project to run the world’s first driverless long-distance, heavy-haul rail network.
SFH – SPECIALITY FASHION GROUP LTD – down two cents at 48 cents
Women’s retailer Specialty Fashion Group says its first-half profit fell 64 per cent and tough economic conditions offer no reason to expect improvement in the second half.
SGT – SINGAPORE TELECOMMUNICATIONS LTD – up two cents at $2.28
SVW – SEVEN GROUP HOLDINGS LTD – up 46 cents at $8.56
The Kerry Stokes-controlled Seven Group Holdings (SGH) has agreed to sell its wireless broadband business to Singapore Telecommunications’s Australian unit Optus for $230 million.
UGL – UGL LTD – up 32 cents $13.46
Engineering firm UGL has reported a 15 per cent fall in first-half profit due to acquisition costs but it says it is on track to deliver a five per cent rise in full-year underlying profit.
