Stocks to watch at the open

Oz Minerals seeks a loan facility with NAB, and the bribery scandal fallout hits Leighton’s main shareholder.

Oz Minerals

*OZ Minerals has since clarified that it is undertaking a routine refinancing for its existing $US200 million debt facility due to mature in 2014.

The short-term outlook for Miner Oz Minerals is uncertain as it seeks up to a $200 million syndicated loan facility with National Australian Bank.

The miner currently has no debt outstanding – a loan facility will help it meet any immediate capital expenditure requirements.

Analysts have estimated the cash position of Oz Minerals has fallen substantially over the past year – the loan facility should give investors temporary comfort. 

The production guidance downgrade issued earlier this week has disappointed Oz Minerals investors as it is expected to lead to lower revenues in this financial year. Oz Minerals has fallen 50 per cent since February.   

Leighton Holdings Limited

Leighton’s main shareholder Hochtief AG tumbled over 4 per cent in trade overnight. The German construction company fell back in early October on the news of Leighton’s bribery scandal.

Hochtief’s fall was significant given European bourses closed flat. 

ASX filing show last week Hochtief further increased their stake in Leighton’s by 0.13 per cent.

Leighton’s share price has bounced over 3 per cent since it reached a low on October 4, fuelled by the bribery scandal.