A round-up of some of the key stock movements on the Australian Stock Exchange (ASX) in the trading week to Friday, March 21, 2014:
DJS – DAVID JONES – down 18 cents, or 5.
45 per cent, at $3.12
David Jones says a lower Australian dollar has helped it to pinch customers back from international online rivals.
Chief executive Paul Zahra also says Myer’s $3 billion merger proposal doesn’t make sense for his company in its current form.
LEI – LEIGHTON HOLDINGS – down 33 cents, or 1.54 per cent, at $21.04
Hochtief has flagged widespread job cuts to construction group Leighton Holdings’ 56,000-strong global workforce as shareholders consider a $1.2 billion bid to increase its stake in the company.
MYR – MYER – down 24 cents, or 8.86 per cent at $2.47
Myer chief Bernie Brookes is adamant better times are ahead for the retailer, but shareholders will have to wait until at least 2015 to see sales and profit improve.
MTS – METCASH – down 30 cents, or 9.5 per cent, at $2.85
Grocery wholesaler Metcash has announced a $480 million overhaul of its business after earlier downgrading its 2014 earnings guidance.
NUF – NUFARM – up 27 cents, or 6.89 per cent, at $4.19
Agricultural chemicals and seeds supplier Nufarm will cut 105 jobs as part of a cost-cutting restructure of its Australian operations.
ORG – ORIGIN ENERGY – up 10 cents, or 0.7 per cent, at $14.43
Origin Energy has restarted drilling on five of 12 southeast Queensland rigs where operations were suspended due to asbestos contamination.
SGP – STOCKLAND – down 12 cents, or 3.13 per cent, at $3.72
ALZ – AUSTRALAND – up 26 cents, or 6.72 per cent, at $4.13
Property developer Stockland has bought a major stake in fellow developer Australand, as its former major stakeholder offloads its shares.