News from AAP

Stockwatch Week to July 8

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A round-up of some of the key stock movements on the Australian Stock Exchange (ASX) in the trading week to Friday, July 1, 2011:

(Includes change in share price from previous Friday close)

AAC – AUSTRALIAN AGRICULTURAL COMPANY LTD – up four cents at $1.44

The federal government has announced the immediate resumption of live cattle exports to Indonesia. AACo called on Wednesday for a pool scheme

CBA – COMMONWEALTH BANK OF AUSTRALIA – down 15 cents at $51.77

Commonwealth Bank of Australia chief executive Ralph Norris says the competition for funds among banks is intense.

CSE – COPPER STRIKE LTD – up 1.5 cents at 14 cents

KZL – KAGARA LTD – up 6.5 cents at 64.5 cents

Minerals explorer Copper Strike says it plans to accept Kagara’s offer to buy its Einasleigh copper project in north Queensland for about $19 million, unless it receives a better proposal.

CRE – CRESCENT GOLD LTD – down 0.1 cents at 5.5 cents

FML – FOCUS MINERALS LTD – up 0.1 cents at 6.9 cents

Crescent Gold directors have accepted a $68 million friendly takeover offer by fellow gold miner Focus Minerals in respect of their personal shareholdings.

ELD – ELDERS LTD – up two cents at 41 cents

Agricultural products distributor Elders says the live cattle export suspension to Indonesia will cost the company up to $7.3 million.

LYC – LYNAS CORPORATION LTD – up 26 cents at $2.01

Japan’s largest trading house, Mitsubishi, has taken a substantial stake in rare earths miner Lynas Corporation.

MQG – MACQUARIE GROUP – down 13 cents at $31.00

Shares in Macquarie Group fell almost one per cent after broker UBS downgraded its forecasts for the investment bank’s first half earnings by 20 per cent.

MRN – MACQUARIE RADION NETWORK LTD – up one cent at $1.26

Macquarie Radio says it’s reached a heads of agreement to acquire eight radio station licences from Smart Radio Network in Queensland.

NHF – NIB HOLDINGS LTD – up 3.9 cents at $1.30

Private health insurer NIB Holdings will return about $75 million in cash to its shareholders.

TLS – TELSTRA CORPORATION LTD – up eight cents at $3.00

Telstra has created a business unit to develop digital applications and appointed a new customer service chief as it prepares for life under the national broadband network (NBN).