News Headline Summary

Pre-market Australian stock news…

BHP Billiton (BHP AT)
- Workers at Cerrejon mine owned by BHP, Xstrata and Anglo American may strike as early as next week. (Newswires)

Rio Tinto (RIO AT)
- Guinea offered co. “a strategic partnership for 50 or 100 years” to develop co.’s rights in a section of Simandou project, according to Guinean President Alpha Conde. (Newswires)

Fortescue Metals Group (FMG AT)
- Co. expects to narrow the list of potential buyers for a stake in its rail and port infrastructure assets within four or five weeks. (Newswires)
- Co. bids to branch out from iron-ore. CEO Nev Power is keen to diversify the Co.’s portfolio into commodities and industries beyond iron ore. (SMH)
- CEO predicts an average iron ore price of USD 120 a tonne, underpinned by the strong economic growth agenda of China’s new leadership. (The Australian)

Linc Energy LTD (LNC AT)
- Co. Chief Executive said that the USD 20trl worth of oil find in South Australia’s Arckaringa Basin is not according to their valuation and that he wouldn’t put a valuation on it at this stage. (SMH)

Broker moves
- BC Iron Ltd (BCI AT) cut to sector perform at RBC Capital.
- JB Hi-fi (JBH AT) raised to Neutral at Nomura.
- Myer Holdings (MYR AT) raised to buy at Nomura.
- Newcrest Mining (NCM AT) raised to outperform at RBC Capital.
- Premier Investments (PMV AT) raised to neutral at Nomura.
- Wesfarmers (WES AT) cut to neutral at Nomura.
- Woolworths (WOW AT) raised to buy at Nomura.

24 Jan 2013 - 22:37 - Metals - Source: Newswires / The Australian / Sydney Morning Herald

Subscribe Now to RANsquawk

Click here for a 1 week free trial

RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: