Stocks to watch on the Australian stock exchange on Wednesday.
ALS – ALESCO CORPORATION LTD – up 15 cents at $2.84
Alesco is confident of countering a forecast slump in housing construction this financial year after returning to profit in “tough” trading conditions.
AMC – AMCOR LTD – up 10 cents at $7.19
Amcor has completed the sale of a glass tubing business to Nipro Corporation for $US161 million ($A149 million).
FMG – FORTESCUE METALS GROUP LTD – up five cents at $6.63
Fortescue Metals Group’s new chief executive, Neville Power, has firmly ruled out a royalty deal with Aboriginal landowners for its planned Solomon mine in Western Australia.
LLC – LEND LEASE GROUP – up 16 cents at $8.96
Lend Lease Group says it has secured approval from the US Department of the Army for the modification and development of a residential project in Hawaii, worth $157 million.
MTN – MARATHON RESOURCES – down 9.5 cents at 15 cents
Uranium explorer Marathon Resources has called for a meeting with the South Australian government over the state’s proposed ban on mining in the Arkaroola region in the Flinders Ranges.
OSH – OIL SEARCH LTD – up 18 cents at $6.91
Oil Search’s second quarter operating revenue jumped 42 per cent from the preceding quarter because of higher oil sales and prices.
RMD – RESMED INC – down four cents at $2.90
ResMed has signed up US medical technology company, CareFusion, to distribute the company’s ventilators to US hospitals.
TEL – TELECOM CORPORATION OF NEW ZEALAND LTD – down two cents at $2.09
The two entities resulting from the proposed structural separation of Telecom will use some of the same assets, but no assets will be jointly owned.
WBC – WESTPAC BANKING CORPORATION – up 10 cents at $21.36
Thousands of bank customers were left short of cash when a Westpac processing glitch halted account deposits between it and the other three major banks.
WHC – WHITEHAVEN COAL LTD – up three cents at $6.58
Whitehaven Coal has bounced back from extreme weather earlier this year, boosting coal production by 47 per cent in the June quarter.
AAP
