Stocks to watch on the Australian stock exchange:
MFG – MAGELLAN – down three cents, or 0.1 per cent, at $23.84
Magellan has quit its naming rights deal with Australian Test cricket, calling the ball-tampering scandal “inconsistent with our values”.
NEC – NINE ENTERTAINMENT – up four cents, or 1.8 per cent, at $2.27
SWM – SEVEN WEST MEDIA – down 1.5 cents, or 2.7 per cent, at 54 cents
Nine Entertainment has snatched Australian tennis broadcasting rights from long-term holder Seven Network in a five-year, $300 million deal with Tennis Australia.
OLI – OLIVER’S REAL FOOD – up 2.5 cents, or 11.4 per cent, to 24.5 cents
Health-focused fast-food business Oliver’s has announced former Subway UK executive Gregory Madigan as its new CEO, replacing Oliver’s founder and CEO Jason Gunn, who will stay on as a director.
RIO – RIO TINTO – down 69 cents, or 0.9 per cent, at $72.70
There could be good news for investors and Rio Tinto’s current shareholders, with analysts expecting the mining giant to redistribute – most likely through a buyback – a large slice of the $4.15 billion it has generated in the past week by selling its last remaining Australian coal assets.
SGR – STAR ENTERTAINMENT – up one cent, or 0.2 per cent, at $5.29
Star Entertainment Group is raising $490 million via a share placement that will leave two Hong Kong businesses each with a five per cent stake in the casino operator.
WES – WESFARMERS – down 24 cents, or 0.6 per cent, at $41.56
Wesfarmers has completed the sale of its Curragh coalmine to Coronado Coal Group for a post-tax profit of about $110 million, slightly higher than initially forecast.