News Headline Summary

Pre-market Australian stock news...

Iron ore explorers and producers
- Iron ore may slump 54% to lowest level since 2009 as China boosts production and global supply climbs, according to UBS.

Rio Tinto (RIO AT)
- Talks begin with Mongolian government about financing of Oyu Tolgoi mine.

Macmahon Holdings (MAH AT), Leighton Holdings (LEI AT)
- Macmahon Holdings H1 net loss AUD 37.6mln vs. Exp. AUD 23.2mln profit year ago.
- Macmahon Holdings confirmed shareholder approval for sale of projects to Leighton Holdings, according to a filing.

Fortescue Metal (FMG AT)
- Co.’s CEO said Co. receives indicative bids for infrastructure, and maximum sale in infrastructure is 40%. He expects to complete infrastructure sale by June.

Virgin Australia (VAH AT)
- Co.’s CEO says Co. will drop Tiger bid if the country’s antitrust regulator forces it to increase fleet numbers to a specified level.

Macquarie (MQG AT)
- Co. is in process of buying Renaissance Capital’s stake in Macquarie Renaissance infrastructure fund, according to Renaissance Capital’s co-CEO.

Ramsay Health Care (RHC AT)
- Co. may pay as much as AUD 1bln for acquisition to expand geographical reach.

SingTel (SGT AT)
- India’s Central Bureau of Investigation files criminal case against two operators and SingTel for allegedly creating illegal long-distance-services network.

Premarket broker moves:
Oil Search (OSH AT) raised to outperform at Credit Suisse
Flight Centre (FLT AT) cut to neutral at Credit Suisse
Qube Holdings (QUB AT) cut to hold at Deutsche Bank
Charter Hall (CHC AT) raised to overweight at JPMorgan
Ausdrill (ALS AT) raised to buy at BBY Ltd

26 Feb 2013 - 22:26 - - Source: Newswires

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