Stocks to watch on the Australian stock exchange:
CWN – CROWN RESORTS – up 40 cents, or 3.2 per cent, at $12.85
Shares in Crown Resorts have soared after the casino operator announced a string of asset sales that could deliver a windfall of nearly $700 million, including the sale of two floors of its luxury Sydney complex to its largest shareholder, billionaire James Packer.
MYR – MYER – down one cent, or 1.5 per cent, at 64.5 cents
Myer shares have continued to slip – hitting a fresh all-time low of 63 cents during Friday’s session – after on Thursday saying its start to Christmas had been woeful with December sales sharply down despite efforts to bring shoppers through its doors.
NAB – NATIONAL AUSTRALIA BANK – down 13 cents, or 0.4 per cent, at $29.69
National Australia Bank chairman Ken Henry believes Australian banks had no choice but to ask for a royal commission because funding costs would increase if overseas lenders perceived them as weak.
ORI – ORICA – up 14 cents, or 0.8 per cent at $18.16
Orica shares have climbed after the company flagged an improved outlook for chemicals sales and new contracted pricing.