Stocks to watch on Friday

Stocks to watch on the Australian stock exchange on Friday, Aug 28:

CCV - CASH CONVERTERS - down 5.5 cents, or 11 per cent, at 44. cents

A $23 million law suit settlement and a massive UK restructure have plunged Cash Converters to a $21.7 million annual loss.

EGP - ECHO ENTERTAINMENT - down four cents, or 0.8 per cent, at $4.91

Casino operator Echo Entertainment will change its name to The Star Entertainment Group in a move that will see its casinos in Brisbane and the Gold Coast rebranded.

FLT - FLIGHT CENTRE - up 39 cents, or 1.1 per cent, at $36.40

The competition watchdog is taking its price fixing battle with Flight Centre to the High Court.

HVN - HARVEY NORMAN - down 10 cents, or 2.2 per cent, at $4.425

Retailer Harvey Norman expects the continuing strength in Australia's housing market will support its medium term performance, after lifting its annual profit by 27 per cent.

IFL - IOOF - up 15 cents, or 1.7 per cent, at $9.11

Financial services firm IOOF admits it was complacent in reporting misconduct allegations at its research division.

LOV - LOVISA - down nine cents, or 2.5 per cent, at $3.45

Jewellery retailer Lovisa says its overseas stores are becoming star operators and it has plans for further global expansion.

REX - REGIONAL EXPRESS - down 4.5 cents, or 4.8 per cent, at 90 cents

Falling passenger numbers due to a downturn in the mining sector has caused a 14 per cent profit fall for airline Regional Express.

SGH - SLATER AND GORDON - up 17 cents, or 5.8 per cent, at $3.12

Law firm Slater & Gordon has defended its controversial Quindell acquisition in the UK as it unveiled a number of changes to appease the corporate regulator.

WOW - WOOLWORTHS - up 35 cents, or 1.3 per cent, at $27.40

Woolworths has completed the first part of a senior leadership overhaul as it tries to recover ground lost to its major supermarket rivals.

Market Data

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