Monday, May 23, 2011

Stocks to watch on the Australian stock exchange on Tuesday May 24, 2011

Stocks to watch on the Australian stock exchange on Tuesday:

ANZ - ANZ BANKING GROUP LTD - down 77 cents at $22.02

CBA - COMMONWEALTH BANK OF AUSTRALIA - down 75 cents at $51.42

NAB - NATIONAL AUSTRALIA BANK LTD - down 75 cents at $26.66

WBC - WESTPAC BANKING CORPORATION - down 68 cents at $22.07

Shares in Australia's big banks have come under heavy selling pressure from short-sellers attracted by lenders' exposure to Australia's housing sector, which some perceive as being overpriced.

BHP - BHP BILLITON LTD - down 76 cents at $43.29

FMG - FORTESCUE METALS GROUP LTD - down 11 cents at $6.33

RIO - RIO TINTO LTD - down $1.21 at $78.99

Prime Minister Julia Gillard remains concerned about a WA government plan to increase mining royalties on iron ore and says the issue remains up for discussion.

BTR - BLACKTHORN RESOURCES LTD - down 4.5 cents at 50 cents

Junior minerals explorer Blackthorn Resources says mining giant BHP Billiton has terminated the Mumbwa joint venture partnership, withdrawing from the copper-gold project in Zambia.

ELD - ELDERS LTD - down 4.5 cents at 45 cents

Elders says it is cautious on its outlook, given the strength of the Australian dollar and the rising cost of fuel and wages.

EPW - ERM POWER LTD - up 0.5 cent at $1.605

Electricity provider ERM Power has earned $300 million in new electricity sales contracts with the federal government.

SPL - STARPHARMA HOLDINGS LTD - up 13 cents at $1.49

Starpharma Holdings says a clinical trial has shown that its VivaGel product is effective in the treatment of bacterial vaginosis (BV).

VBA - VIRGIN BLUE HOLDINGS LTD - steady at 30 cents

Virgin Australia is the latest airline to announce a new fare structure, reducing the number of fare options from five to three.