Stocks to watch on the Australian stock exchange:
BHP – BHP BILLITON – down 46 cents, or 1.7 per cent, at $27.49
BHP Billiton expects to lower costs in its Australian mining operations by a further 10 per cent and has forecast the division will deliver $US1.6 billion ($A2.2 billion) in productivity gains over the next two years.
MYX – MAYNE PHARMA – down 2.75 cents, or 4.4 per cent, at 59.75 cents
Drugs manufacturer Mayne Pharma is still feeling the impact of tough competition and lower prices in the generic drugs market in the US, but expects that the release of new drugs and restructuring initiatives will boost the company’s financial performance.
ORG – ORIGIN ENERGY – up 26 cents, or 3 per cent, at $8.85
Origin Energy has reaffirmed its full-year earnings guidance even as it lifts generation from its biggest power plant to take advantage of higher prices.
TLS – TELSTRA – down 5 cents, or 1.5 per cent, at $3.41
Telstra chief executive Andrew Penn is slated to speak at an AmCham lunch in Sydney, a day after its shares sank on news NBN Co’s temporary suspension in the national broadband network rollout and fears it would impact the telco’s earnings.
TTS – TATTS GROUP – down 2.5 cents, or 0.6 per cent, at $4.305
Tatts Group’s first quarter net profit has jumped almost 15 per cent, boosted by a string of bigger-than-usual multi-million dollar lottery jackpots.