Wednesday 3rd September 2008
|Text too small?|
Themes of the day: The New Zealand dollar extended its slide, reaching to almost 68 US cents and was recently at 68.66 cents. Crude-oil futures for October fell 5% to US$109.71 a barrel and earlier reached a five-month low $105.46 after Hurricane Gustav caused little disruption to rigs and refineries in the Gulf of Mexico. The Reserve Bank of Australia cut its benchmark interest rate a quarter point to 7%, which may help soften the impact of a slowdown in New Zealand's biggest export market.
Austral Pacific Energy (APX): The owner of 69.5% of the Cheal oil field onshore in the Taranaki region said it began production from its Cheal A7 well. Austral's shares fell 9.1% to 40 cents yesterday and have declined about 70% this year.
Fisher & Paykel Appliances Holdings (FPA), Fisher & Paykel Healthcare (FPH): The New Zealand dollar traded at almost 68 US cents and has declined from more than 80 US cents earlier this year. A weaker currency helps boost the New Zealand dollar value of exporters' overseas sales made in US dollars. F&P Appliances rose three cents to NZ$1.80 yesterday and has slumped almost 50% this year. F&P Healthcare rose four cents to NZ$3.20 and is down 10% this year.
Michael Hill International (MHI): The jewelry chain today said it completed the purchase of 17 stores in the US states of Illinois and Missouri from Whitehall Jeweler. The purchase price is about US$5.5 million. The shares fell one cent to 83 cents yesterday, to be down 30% this year.
Millennium & Copthorne Hotels New Zealand (MCK): The hotel manager didn't get enough support from Metropolis apartment owners to manage their units, the New Zealand Herald reported. Millennium stopped running the tower as a hotel on Sunday. It had a three-month management contract to oversee letting 100 units. The shares were unchanged at 56 cents yesterday and fell 21% this year.
New Zealand Oil & Gas (NZO): Crude-oil futures for October fell 5% to US$109.71 a barrel in New York yesterday. The price earlier fell to a five-month low US$105.46.
OceanaGold Corp. (OGC): Gold had the biggest drop in three weeks as falling fuel costs and a stronger US dollar reduced demand for the metal as an inflation hedge.
Gold futures for December delivery fell 3% to $810.50 an ounce on the New York Mercantile Exchange.
No comments yet
Contact Energy Limited (NZX: CEN) Considers Green Capital Bond Offer
Tourism Holdings Limited (NZX: THL) Sells Mighway and SHAREaCAMPER to Camplify
26th October 2021 Morning Report
Harmoney Corp Limited (NZX: HMY) Prices $105m Inaugural ABS Transaction
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report