Stocks to watch on the Australian stock exchange on Wednesday, May 2
ALS – ALESCO CORPORATION LTD – up 60 cents, or 42.86 per cenb, at $2.00
DLX – DULUX GROUP LTD – down 13 cents at $2.97
DuluxGroup says a move to enlarge its market footprint makes sense as it launches a $188.4 million takeover proposal for garage door, construction products and cabinet and window products supplier, Alesco Corporation.
ANZ – ANZ BANKING GROUP LTD – up eight cents at $23.99
CBA – COMMONWEALTH BANK OF AUSTRALIA – up 88 cents at $52.85
NAB- NATIONAL AUSTRALIA BANK LTD – down two cents at $25.21
WBC – WESTPAC BANKING CORPORATION – up 10 cents at $22.83
BOQ – BANK OF QUEENSLAND LTD – down 20 cents at $7.26
Australia’s big four banks are unlikely to pass the full 50 basis point cut in the official interest rate through to mortgage holders, analysts say.
DOW – DOWNER EDI LTD – up three cents at $3.64
Downer EDI plans to merge its New Zealand and Australian and infrastructure businesses into one company called Downer Infrastructure.
FUN – FUNTASTIC LTD – up one cent at 20 cents
Toy distributor Funtastic expects to return to profitability in fiscal 2012 due to improved margins and cost cutting.
MGR – MIRVAC GROUP – up 1.5 cents at $1.31
Property developer and manager Mirvac Group is sticking with its full year financial guidance as market conditions remain in line with its expectations.
QAN – QANTAS AIRWAYS LTD – up two cents at $1.655
About 400 jobs are expected to be lost at Qantas’ Tullamarine heavy maintenance base in Victoria, a union says.
SGP – STOCKLAND GROUP – up two cents at $3.12
Stockland Group says the value of some of its residential developments and UK assets has fallen, but it is on track to achieve its recent earnings guidance for 2012.
WPL – WOODSIDE PETROLEUM LTD – up $1.28 at $36.20
Woodside Petroleum has struck a $US2 billion ($A1.92 billion) deal to sell part of its stake in the Browse gas project to Japan’s Mitsubishi Corporation and Mitsui & Co..
WTF – WOTIF.COM HOLDINGS LTD – down 25 cents at $4.17
Online travel company Wotif.com Holdings expects its full year profit to grow by up to 15 per cent to as much as $57.5 million.