Stocks to watch

RFF - RURAL FUNDS GROUP - down 99 cents, or 42.1 per cent, to $1.36

Texas-based Bonitas Research, which specialises in short-selling, released a report calling the agricultural real estate property group a "scam" whose shares are "ultimately worthless".

Bonitas accused Rural Funds Management, the private company that manages the REIT, of conducting "multiple nefarious transactions" that have siphoned $86 million in shareholder value from the property trust.

Rural Funds Management posted a link to the Bonitas report on its website and said it was preparing a "detailed response".

FMG - FORTESCUE METALS - up 20 cents, or 2.8 per cent, to $7.29

Iron ore prices were weaker but Fortescue's shares rose, apparently on the back of its presentation to the Diggers and Dealers conference in WA.

PNI - PINNACLE INVESTMENT MANAGEMENT GROUP - up 40 cents, or 10.3 per cent, to $4.27

Pinnacle said profit for the 12 months ending June 30 was up 32 per cent to $30.5 million.

It had net inflows of $6.5 billion for the financial year to finish with $54.3 billion in funds under management.

DLX - DULUXGROUP - flat at $9.35

The takeover of DuluxGroup by Nippon Paint has been approved by the Federal Court and Dulux shares are being suspended from the close of trading on Tuesday.

Shareholders will receive $9.37 per share on August 21.

AOG - AVEO GROUP - down eight cents, or 3.9 per cent, to $1.95

The retirement village operator updated the market on its ongoing discussions with Brookfield Property Group about a buyout, saying the price under discussion with the Canadian property giant is $2.195 cash per share.

LYC - LYNAS CORP - up 20 cents, or 7.9 per cent, to $2.74

Reuters reported that Malaysia would renew Lynas' licence for its rare earths metals processing plant there despite a dispute over the storage and disposal of low-level radioactive waste.

Approval would be a major win for Lynas because the licensing issue has been hanging over the company for almost a year.

Austrlaian Associated PressBack to Breaking News

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