Stocks to watch: Allied, Auckland Airport, F&P Appliances, RBD

Monday 14th December 2009

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

Themes of the day: Shares climbed on Wall Street on Friday after figures showed retail sales rose 1.3% in November, almost twice as strong as expected. In New Zealand, retail sales are due out today and investors are awaiting the government’s budget policy statement tomorrow, for clues to the pace of debt accumulation and tax revenue.

Allied Farmers Ltd (NZX: ALF ): The shares fell to a record low 19 cents on Friday and the company is awaiting this week’s vote by Hanover investors on whether to accept Allied debt from equity swap, valued at $400 million. The Securities Commission is looking into unusual trading in the company’s shares.

Auckland International Airport (NZX: AIA ): The shares climbed 2.2% to $1.90 on Friday after New Zealand’s busiest gateway said earnings would be at the top end of its forecast range because of stronger passenger numbers. Full-year profit will be at the high end of its $93 million-to-$100 million range, it said.

Fisher & Paykel Appliances (NZX: FPA ): The whiteware manufacturer has promoted chief operating officer Stuart Broadhurst as chief executive, replacing John Bongard, who left at short notice due to ill health. “Stuart was a very strong internal candidate and he was our unanimous decision,” said chairman Ralph Waters. The shares climbed 1.8% to 58 cents on Friday and have dropped 38% this year.

Jasons Travel Media Ltd (NZX: JTM ): The travel and accommodation guide publisher has forecast profit before tax of about $900,000 in the year ended March 31 2010, from $1.2 million a year earlier. The company will incur costs to investigate buying or developing its Australian assets. The shares last traded at 55 cents on Sept. 24.

Restaurant Brands (NZX: RBD ): The fast-food company is rated ‘outperform’ by First NZ Capital analyst Sarndra Urlich, according to the ShareChat website. She raised her forecast earnings for the year ending Feb. 28 to $18.2 million from $16.2 million and her 2011 forecast to $19.1 million from $17.1 million. The shares fell 2 cents to $1.55 on Friday.

Ryman Healthcare (NZX: RYM ): The rest-home operator said on Friday that earnings in the second half will match the first six months of the financial year on demand for its units. ‘Realised’ earnings climbed 12% to $29 million in the first half and “we expect to match this performance in terms of realised profits in the second half,” it said. The shares fell 0.5% to $2.07 at the end of last week.

Businesswire.co.nz

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