Stocks to watch on the Australian stock exchange on Thursday, April 17:
ALZ – AUSTRALAND PROPERTY GROUP – steady at $4.
Property developer Australand is preparing for a possible takeover from fellow developer Stockland.
API – AUSTRALIAN PHARMACEUTICAL INDUSTRIES – trading suspended, last traded at 56.5 per cent
Shares in Australian Pharmaceutical Industries have been suspended from trade while the drugs distributor and pharmacies operator assesses the carrying value of its assets.
BHP – BHP BILLITON – up 16 cents, or 0.4 per cent, at $37.94
BHP Billiton has raised its full year guidance for iron ore and metallurgical coal production after achieving record output so far this fiscal year.
BRL – BATHURST RESOURCES – down 0.8 cents, or 11.4 per cent, at 6.2 cents
Bathurst Resources has raised $A7.39 million ($NZ8 million) in a discounted placement to institutional investors to help fund development of its Escarpment open-cut coal mine on New Zealand’s Denniston Plateau near Westport.
BSL – BLUESCOPE STEEL – up seven cents, or 1.1 per cent, at $6.42
Australia’s largest steelmaker and owner of the New Zealand Steel mill, BlueScope Steel, has gained approval to acquire the assets of Fletcher Building’s Pacific Steel in a $NZ120 million ($A111.73 million) deal.
FMG – FORTESCUE METALS GROUP – up six cents, or 1.1 per cent, at $5.39
Fortescue Metals plans to boost production by 35 per cent over the next three months, a target boss Nev Power says is “absolutely realistic”.
ILU – ILUKA RESOURCES – down 66 cents, or 6.8 per cent, at $9.11
Mineral sands miner Iluka Resources has recorded a drop in production and revenue.
TPM – TPG TELECOM – up 21 cents, or 3.7 per cent, at $5.93
Telco TPG has been fined $400,000 for failing to provide access to emergency numbers for customers who had not paid bills.
Also, NBN Co boss Bill Morrow says competition from TPG Telecom will undermine its business model and may see Australians paying more for internet access.
YAL – YANCOAL – down three cents, or 7.7 per cent, at 36 cents
Two coal miners have been killed in an underground mine collapse at Yancoal’s Austar Coal Mine in the NSW Hunter Valley.