News Headline Summary

Pre-market Australian stock news...

Fortescue (FMG AT)
- First-round port and rail stake bids due Friday. (Australian Financial Review)

Australian Bauxite (ABZ AT)
- In trading halt pending news of capital raising. (Newswires)

NAB (NAB AT)
- Co. has become the latest bank to chop its fixed mortgage rates, as the banks clamour for credit growth and borrowers look for cheap deals. (The Australian)
- NAB will cut its interest rate for its one-year term by 15 basis points to 5.09% and its two-year offer by 35 basis points to 4.99%. (The Australian)

Alumina (AWC AT)
- Citic Resources will pay USD 452mln for a 13% stake in Alumina. (The Australian)

Rio Tinto (RIO AT)
- Co. proposed initial terms on a USD 4bln project financing for the Oyu Tolgoi copper-gold mine in Mongolia. (Newswires)
- Co. considers possible ANZ aluminium spinoff. (The Australian)

Independence Group (IGO AT)
- Received results for recently completed diamond hole which intersected 22.65m of sulphide mineralization including 18.2m of massive sulphide, follow-up drilling under way. (Newswires)

Broker moves

- OZ Minerals (OZL AT) downgraded to sell at Deutsche Bank.
- Carsales.com (CRZ AT) downgraded to underperform at CIMB.
- Commonwealth Bank (CBA AT) cut to underperform at CIMB.
- Domino’s Pizza (DMP AT) cut to neutral at CIMB.#
- Ansell (ANN AT) cut to neutral at Citi.
- Commonwealth Bank (CBA AT) PT raised 16% to AUD 73.70, buy maintained at Citi.

Print 22:38, 13 Feb 2013 - Asian News - Source: Newswires/Australian Financial Review/The Australian