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Stocks to Watch: ANZ, Fletcher, PGC, TEL

Tuesday 19th January 2010

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 The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday. All prices are in New Zealand dollars unless specified.

Themes of the day: With US markets closed for the Martin Luther King Jr. Day, trading may be even more subdued than the typically quiet January. The kiwi dollar strengthened, touching 74 US cents overnight. Rickey Ward, equities manager at Tyndall Investment management, said investors are expecting “flat earnings” in New Zealand this year before a jump in 2011 EPS growth as global economies improve. 

ANZ: Fitch Ratings Agency said the outlook for Australia’s four biggest banks is relatively benign. Tim Roche, a director in Fitch’s financial institutions team, said on a teleconference yesterday that while the banks still faced risks from bad loans, Australia’s resilient economy, and employment in particular, helped keep a positive outlook for lenders. ANZ rose 3.2% to $28.60 on the NZX yesterday and Westpac Banking Corp.(WBC) rose 2% to $32.10.

Fletcher Building (NZX: FBU ): New Zealand’s biggest construction company fell 2.4% to $8.11 yesterday as figures showed home sales tumbled 18% in December from November to 4,975 properties sold, a level the Real Estate Institute described as “concerning.”

OceanaGold (NZX: OGC ): The operator of the Macraes gold field yesterday raised its reserves estimate for the third time in as many months. The increase in reserves will extend the life of the mine site to at least 2016, it said. The shares climbed 1.7% to $2.39 yesterday and have soared 510% in the past 12 months as the price of gold climbed.

Pyne Gould (NZX: PGC ): The Christchurch-based finance company is to join the NZX 50 of top companies, displacing Skellerup Holdings. PGC had a recent rights issue, which has provided it with enough liquidity through the number of shares traded on a quarterly basis for it to make it to the top 50 index. Its shares held steady at 48 cents yesterday.

PGG Wrightson (NZX: PGW ): The national stock and station company has issued convertible redeemable notes (CRN’s) worth just over $33 million to China-based shareholder Agria. The CRN’s will pump new capital into PGGW Finance and are a final part of the company’s fund raising that has seen it repay $200 million bank debt ahead of schedule. Its shares remained steady at 64 cents yesterday.

Telecom (TEL): BlackRock Investment Management ceased to be a substantial holder of Telecom, with its stake reducing to 4.9% from 5.2%, according to a filing yesterday. The investment group was active in trading the shares through December, the filing shows. The shares rose 0.4% to $2.52 yesterday and have fallen 2.3% this year. 

Businesswire.co.nz



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