Stocks to watch on the Australian stock exchange:
AMP – AMP LTD – down 3 cents, or 0.7 per cent, to $4.02
Australia’s largest wealth manager could face criminal charges over the fees-for-no-service issue, counsel assisting the banking royal commission told the inquiry on Friday.
The Australian Council of Superannuation Investors confirmed after market close it was recommending its members vote against director and remuneration resolutions at the upcoming AGM.
AGL – AGL ENERGY – up 66 cents, or 3.2 per cent, to $21.46
AGL Energy will spend up to $400 million to build a new gas-fired power station near Newcastle in NSW, as it pushes forward with plans to shut down its ageing Liddell coal-fired power plant.
CWN – CROWN RESORTS – up 6 cents, or 0.5 per cent, to $12.98
Victoria’s gambling regulator has fined Crown $300,000 over the tampering of poker machines at its Melbourne casino.
IPL – INCITEC PIVOT – up 4 cents, or 1.0 per cent, to $3.84
Incitec Pivot has flagged a $236 million impairment hit in its first-half results but says some of the costs will be offset by a one-off cash benefit from the US taxation reforms.
RMD – RESMED – up 30 cents, or 2.4 per cent, to $12.95
The Australian Taxation Office has demanded $151.7 million in extra tax and $38.4 million in interest from sleep disorder device specialist ResMed, which the company says it will fight.