Stocks to watch on the Australian stock exchange:
CBA - COMMONWEALTH BANK OF AUSTRALIA - up 55 cents, or 0.7 per cent, at $76.62
Commonwealth Bank could launch a share buyback in the next financial year to redistribute capital raised by the sale of its life insurance and global asset management businesses, according to UBS analysts.
FXJ - FAIRFAX MEDIA - steady at 95 cents
Fairfax Media's group year-to-date revenues are down four to five per cent on last year, the company has warned, ahead of the release of its plan to spin off profitable real estate listings business Domain
RIO - RIO TINTO - up 47 cents, or 0.7 per cent, at $65.97
Mining giant Rio Tinto will return proceeds from the recent $US2.7 billion sale of its NSW coal operations to shareholders through a share buyback.
SWM - SEVEN WEST MEDIA - up 1.5 cents, or 2.1 per cent, at 72.5 cents
PRT - PRIME MEDIA - down 5.5 cents, or 11.6 per cent, at 42 cents
Talks between Seven West and regional broadcaster Prime over combining their assets into a single media company have ended with the two unable to come to an agreement.