Stocks to watch on the Australian stock exchange:
AGO – ATLAS IRON – steady, at 4.4 cents
FMG – FORTESCUE METALS GROUP – down 7.5 cents, or 1.6 per cent, at $4.575
MIN – MINERAL RESOURCES – down 50 cents, or 3 per cent, at $16.40
Atlas Iron has given ASX-listed rival Mineral Resources three days to respond to the $390 million takeover bid by Gina Rinehart’s Hancock Prospecting.
ASX – ASX – up 19 cents, or 0.3 per cent, at $63.24
JPMorgan Australia chairman Robert Priestley has quit the ASX and Future Fund boards as a criminal case progresses against ANZ bank over a capital raising underwritten by the investment bank.
IAG – INSURANCE AUSTRALIA GROUP – up 23.5 cents, or 2.9 per cent, at $8.455
Insurance Australia Group (IAG) expects to realise an after-tax profit of at least $200 million from the sale of three Asian interests.