Stocks to watch on the Australian stock exchange:
AMP – AMP LTD – down two cents, or 0.5 per cent, at $4.12
Emergency AMP chairman David Murray says investors will have to choose between anger and a steady rebuilding of the embattled financial services group when they vote on the future of three directors at this Thursday’s annual general meeting.
ANZ – ANZ BANKING GROUP – up seven cents, or 0.3 per cent, at $27.62
ANZ is aiming to clean up its financial planning with new measures that include changing incentives and firing planners who give customers inappropriate advice.
NCM – NEWCREST MINING – up 27 cents, or 1.3 per cent, at $21.82
Newcrest Mining expects its Cadia mine to return to full production before the end of June, after a breach in a tailings dam in March temporarily suspended all mining and processing activities.
ORI – ORICA – down $1.29, or 6.4 per cent, at $19.00
Shares in explosives and fertiliser maker Orica have fallen sharply after it unveiled a first-half loss of $229.3 million due to operational issues and writedowns.
REH – REECE LTD – in a trading halt, last traded at $10.75
Reece Limited is expanding into the United States after signing a $A1.9 billion deal to buy US plumbing distributor Morsco.
WBC – WESTPAC BANKING CORP – up 24 cents, or 0.8 per cent, at $29.34
Westpac has reported a six per cent lift in first-half profit to $4.25 billion, and says its mortgage book is “fundamentally sound”.
CBA – Commonwealth Bank – down five cents, or 0.1 per cent, at $72.71
Ratings agency Fitch has downgraded Commonwealth Bank’s outlook for its long-term debt default risk from stable to negative.