Stocks to watch on the Australian stock exchange on Wednesday October 26:
BBG – BILLABONG INTERNATIONAL LTD – up 31 cents at $3.91
Surfing brand Billabong International says its strategy of buying retail outlets will increase the struggling company’s margins.
FGL – FOSTERS GROUP LTD – down one cent at $5.30
Irate Foster’s shareholders have opened the way for the re-election of non-executive board members, after 42 per cent rejected a $2.65 million incentive for chief executive John Pollaers to stay with the group for just this financial year.
GPT – GPT GROUP – down one cent at $3.18
Property company GPT Group says it will pay a distribution of 4.4 cents per security for the quarter ended 30 September, payable on 18 November.
NWS – NEWS CORPORATION – down nine cents at $16.71
NWSLV – NEWS CORPORATION NON VOTING SHARES – down 10 cents at $16.46
The backlash from the UK phone hacking scandal has resulted in a majority of independent News Corporation shareholders voting against the re-election of James and Lachlan Murdoch to the media giant’s board.
OSH – OIL SEARCH LTD – up three cents at $6.05
Oil Search’s third quarter revenue has slumped 26.4 per cent from the preceding quarter because of lower oil sales and as the company shut down processing facilities.
PBG – PACIFIC BRANDS LTD – down 3.5 cents at 59.5 cents
The board of struggling clothing manufacturer Pacific Brands has been put on notice by shareholders who rejected what they termed an excessive remuneration package for senior executives who failed to meet performance targets.
RMD – RESMED INC – down 39 cents at $2.61
Shares in ResMed Inc slumped after the medical equipment maker said currency exchange movements led to an 11 per cent fall in its first quarter net profit.
SGP – STOCKLAND – down nine cents at $3.14
Property developer Stockland says consumer sentiment improved in the first three months of the financial year, as evidenced by its sales figures for the period.
TWE – TREASURY WINE ESTATES LTD – down 11 cents at $3.79
Wine maker Treasury Wine Estates says trading conditions remain challenging but that the company is well placed for growth.
