Stocks to watch on the Australian stock exchange early on Wednesday:

GUD – GUD HOLDINGS LTD – down four cents at $7.31

Consumer and industrial products supplier GUD Holdings says trading conditions are expected to remain tough in the second half of the financial year, in the wake of a fall in profits in the first half.

NCM – NEWCREST MINING LTD – up 64 cents at $32.84

Newcrest Mining’s gold production rose three per cent in the December quarter, compared with the previous three months, but was down 20 per cent on the prior corresponding period.

ORI – ORICA LTD – down 33 cents at $24.67

The restart of Orica’s ammonia plant near Newcastle has been put on hold for several weeks, the chemical giant says.

OSH – OIL SEARCH LTD – up 18 cents at $6.84

Oil Search’s annual revenue has increased by 26 per cent, and the company has forecast steady production in 2012.

PNA – PANAUST LTD – down 13 cents at $3.60

Copper and gold miner PanAust has forecast an increase in production from its major operation in Laos and a rise in earnings.