Stocks to watch on the Australian stock exchange:

AMP – AMP – up two cents, or 0.6 per cent, at $3.59

ASIC has begun legal action against AMP over allegations its advisers pushed customers into less suitable insurance policies purely to win commissions.

AGO – ATLAS IRON – steady at 4.3 cents

FMG – FORTESCUE METALS GROUP – down 4 cents, or 0.9 per cent at $4.49

Atlas Iron says the Western Australian government has indicated it could soften its stance on rights to undeveloped Port Hedland port capacity, adding intrigue to the stand-off between Gina Rinehart and Andrew Forrest.

QAN – QANTAS – down 17 cents, or 2.7 per cent, to $6.16

Former Wesfarmers boss Richard Goyder will take over as chairman of Qantas in October, replacing the outgoing chair Leigh Clifford.