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AAP

February 05 2013, 06:59AM

Stocks to watch on the Australian stock exchange Tuesday, Feb 5, 2013

AQA - AQUILA RESOURCES LTD - down 12 cents at $3.00

News that Aquila Resources has been unable to agree on a budget for its $7.4 billion West Pilbara Iron Ore Project has driven the iron ore hopeful's shares lower.

ARG - ARGO INVESTMENTS LTD - down six cents at $6.65

Investment company Argo Investments says the best rise in share prices may have already occurred as Australian companies will generate only modest earnings growth over the next 12 months

BLK - BLACKHAM RESOURCES LTD - up 10 cents at 25 cents

Shares in junior gold explorer Blackham Resources surged almost 70 per cent after the company appointed Joseph Gutnick as its chairman and announced a $13 million funding deal.

Shares in th

FMG - FORTESCUE METALS GROUP LTD - steady at $4.79

Fortescue Metals has agreed to stop work on the development of Iron Ore Holding's Iron Valley deposit in Western Australia.

GMG - GOODMAN GROUP - down two cents at $4.62

Property developer Goodman Group says it will start developing new projects worth about $451 million across key Australian markets.

QAN - QANTAS AIRWAYS LTD - steady at $1.54

Qantas is taking advantage of the growing Asian market, with plans for new routes to China and India plus extra flights to key regional hubs.

RIO - RIO TINTO LTD - up 79 cents at $67.99

The world's second largest iron ore miner Rio Tinto's $3 billion expansion of a Pilbara mine has been approved by the West Australian government.

SDL - SUNDANCE RESOURCES LTD - in trading halt, last traded at 34 cents

Sundance Resources expects suitor Hanlong Group to finalise its $1.3 billion takeover by June 7 in the wake of ongoing delays as it seeks provisional approval from Chinese regulators.