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Stocks to watch: Cue Energy, IRG, Goodman Property, Rakon

Wednesday 21st October 2009

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The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday. 

Themes of the day: Stocks weakened on Wall Street after government figures on housing starts and producer prices disappointed investors and pointed to a sluggish recovery for the world’s biggest economy. The kiwi dollar fell as the greenback strengthened from a 14-monthlow against the euro. New Zealand economic data out today includes migration and credit card billings.

Cue Energy Resources (CUE): Shares of the oil company that has a 5% stake in the new Maari oil field begin trading on the NZX today, returning to the bourse after a four-year absence. The company’s ASX-listed shares traded at 26.5 Australian cents yesterday and have soared 98% in the past six months.

Fisher & Paykel Healthcare (FPH): The New Zealand dollar fell to 74.72 US cents from 75.21 cents yesterday. The kiwi has climbed from below 50 cents in March. A high kiwi erodes the value of overseas revenue. FPH gets almost 80% of its sales in US dollars. The shares fell 2% to $2.99 yesterday.

Goodman Property Trust (GMT): The property investor is rated ‘accumulate’ by Forsyth Barr analyst Jeremy Simpson, according to the ShareChat website. GMT has a very attractive yield and high quality properties, Simpson said. Goodman should be able to keep gearing at around 35%, well within its banking covenants, he said. The shares fell 1 cent to $1.05 yesterday.

Investment Research Group (IRG): The advisory and brokerage firm yesterday announced a one for four rights issue after raising $400,000 selling shares on the same basis to the Edwin Trust last month. The NZAX-listed company traded unchanged yesterday at 1.8 cents.

New Image Group (NEW): The health products manufacturer said unaudited sales for the three months ended Sept. 30 rose 22% from the same period year earlier. The shares were unchanged at 77 cents yesterday and have soared more than 480% this year.

New Zealand Oil & Gas (NZO): Crude oil fell from a 12-month high after US housing starts rose less than expected and stocks fell on Wall Street. November futures, which expire today, fell 1.4% to US$78.49 a barrel on the New York Mercantile Exchange, having traded above US$80 earlier. NZOG shares were unchanged at $1.74. Pan Pacific Petroleum (PPP) rose 1 cent to 54 cents.

Rakon (RAK): The manufacturer of crystal oscillators used in navigation systems and mobile phones said its Share Purchase Plan closed with applications for $21.1 million, just over the $20 million the company had targeted. Rakon said it will accept the small oversubscription without scaling. The shares are being issued at $1.15 apiece. The shares rose 5 cents to $1.25 yesterday.

Businesswire.co.nz



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