Stocks to watch on the Australian stock exchange:
AMP – AMP – down 2 cents, or 0.5 per cent, at $4.13
The credit rating of the financial services giant is at risk of a downgrade from global ratings agency S&P over scandals exposed at the banking royal commission.
CBA – COMMONWEALTH BANK – up 13 cents, or 0.2 per cent, at $73.59
CBA has admitted losing customer records for almost 20 million accounts over 16 years after failing to track down tapes on which the information was stored.
NAB – NATIONAL AUSTRALIA BANK – down 12 cents, or 0.4 per cent, at $29.46
NAB has decided to spin off its financial advice and superannuation businesses as part of the ongoing restructure that led to a 16 per cent fall in its first-half profit.
QBE – QBE INSURANCE – up 23 cents, or 2.3 per cent, at $10.40
QBE chairman Marty Becker has urged shareholders to vote against resolutions made by climate change activists seeking greater disclosure on climate risk.
STO – SANTOS – up 2.5 cents, or 0.4 per cent, at $6.225
Santos is selling its stake in assets in Vietnam, Indonesia, Malaysia and Bangladesh for $US221 million to help slash its debt and increase its focus on its natural gas operations in Australia and Papua New Guinea.
SUL – SUPER RETAIL GROUP – up 63 cents, or 9 per cent, at $7.605
The owner of Rebel, Supercheap Auto and BCF says sales were in line with expectations in the four months to the end of April, and it still expects its full year earnings to be in line with the previous year, excluding its recently acquired Macpac business.
SWM – SEVEN WEST MEDIA – up 5.5 cents, or 9.3 per cent, at 64.5 cents
NEC – NINE ENTERTAINMENT – up 20 cents, or 8.2 per cent, at $2.63
The competition watchdog says it won’t oppose the Seven Network’s and the Nine Network’s purchase of Network Ten’s stake in TX Australia, which provides transmission services in Adelaide, Brisbane, Melbourne, Perth and Sydney.