Stocks to watch on the Australian stock exchange:
HVN – HARVEY NORMAN – steady at $4.38
JBH – JB HI-FI – up 37 cents, or 1.3 per cent, at $28.36
MYR – MYER – steady at 65.5 cents
WOW – WOOLWORTHS – down 15 cents, or 0.6 per cent, at $27.25
WES – WESFARMERS – down 42 cents, or 0.95 per cent, at $43.73
Retail sales rose by a better-than-expected 1.2 per cent in November, beating expectations of a rise of 0.4 per cent, driven by the release of the iPhone X and promotions such as Black Friday, while Morgan Stanley offered a positive appraisal of JB Hi-Fi’s performance over Christmas.
IPL – INCITEC PIVOT – down 16 cents, or 4.2 per cent, at $3.70
Incitec Pivot shares have sunk after the company warned that its profits will take an $81 million hit from the end of a contract to supply explosives and services to Gina Rinehart’s Roy Hill Iron Ore mine
MHJ – MICHAEL HILL INTERNATIONAL – down 0.5 cents, or 0.4 per cent, to $1.235
Jewellery chain Michael Hill International says a flat performance in Australia and a sharp fall in the US have offset solid sales growth in New Zealand and Canada.