Stocks to watch on Tuesday

Stocks to watch on the Australian stock exchange at the close on Tuesday:

AGL - AGL ENERGY - up 99 cents, or 6.4 per cent, at $16.47

Energy provider AGL has unveiled plans to sell off more than $1 billion worth of assets and cut costs by $200 million within two years, sending its share price to its highest level in eight years.

ALL - ARISTOCRAT LEISURE - up 51 cents, or 6.5 per cent, at $8.38

A major acquisition in the US and the growing popularity of mobile gaming have boosted poker machine supplier Aristocrat Leisure's half year profit.

BLY - BOART LONGYEAR - down 0.5 cents, or three per cent, at 16 cents

Drilling services company Boart Longyear continues to face weak demand for its services and products.

COH - COCHLEAR - up $1.20, or 1.4 per cent, at $88.66

Hearing implants maker Cochlear has promoted the head of its North American operations, Chris Smith, to be its next chief executive.

FMG - FORTESCUE METALS GROUP - up 23 cents, or 10.6 per cent, at $2.40

Fortescue Metals Group shares have surged on speculation two major Chinese companies are considering investments in the iron ore miner, and higher iron ore prices.

MCR - MINCOR RESOURCES - down 0.5 cents, or 0.8 per cent, at 60.5 cents

Nickel miner Mincor is axing 50 jobs as the company restructures its Kambalda operations in Western Australia.

OFX - OZFOREX - down 28 cents, or 10.5 per cent, at $2.38

OzForex shares dropped sharply despite the currency trader announcing a 52 per cent increase in full year profit.

UGL - UGL - up three cents, or 1.3 per cent, at $2.34

UGL has snared a $190 million joint venture contract to maintain BP's 17 fuel terminals across Australia.

WBC - WESTPAC - up 69 cents, or 2.1 per cent, at $33.65

Rob Whitfield is stepping down as head of Westpac Institutional Bank to be replaced by Commonwealth Bank executive Lyn Cobley.

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