News Headline Summary

Pre-market Australian stocks news...

Rio Tinto (RIO AT)
- Co. is said to consider temporary halt to construction work at its Oyu Tolgoi copper-gold mine in Mongolia. Co. is also said to hold talks to resolve the coal-mine impasse in Mozambique. (Newswires)

Wesfarmers (WES AT)
- Co. retail sales rose 4.7% in the Dec. quarter to USD 15.1bln. (Australian Financial Review)
- Co. Managing Director admitted Co.’s resource division is barely profitable at current coal prices. (Sydney Morning Herald)

Macquarie Group (MQG AT)
- Co.’s retail stockbroking and financial planning business hired accounting firm Earnst & Young nearly five years ago to investigate serious compliance shortcomings, but management did not report the problems to the regulator. (Australian Financial Review)

National Australia Bank (NAB AT)
- Co. Chief Executive denies that he is planning to slash jobs as part of a bid to cut costs. (Australian Financial Review)

Lynas (LYC AT)
- Co. says rare earths market subdued in last quarter. (Newswires)

Pharmaxis (PXS AT)
- Co. shares halted. Co. fails to win FDA panel’s backing for Bronchitol. (Newswires)

Virgin Australia Holdings (VAH AT)
- The competition commission says it is continuing to assess proposed acquisition of 60% shares in Tiger Airways by Virgin Australia. (Newswires)

Broker moves
- Rio Tinto (RIO AT) raised PT 14% to AUD 80, buy rating kept at Nomura.
- Evolution Mining (EVN AT) cut to neutral at JPMorgan.
- Crown (CWN AT) cut to neutral at Nomura.
- Tatts Group (TTS AT) raised to buy at Nomura.
- Silver Lake Resources (SLR AT) cut to neutral from overweight at JPMorgan.
- Drillsearch Energy (DLS AT) upgraded to buy from neutral at UBS.

30 Jan 2013 - 22:48 - Equities - Source: Newswires / Australian Financial Review / Sydney Morning Herald

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