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Stocks to watch: New Zealand equity market preview

Wednesday 25th June 2008

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The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday. Stock tickers are in parenthesis.

Contact Energy (CEN): BG Group of the UK yesterday made a hostile A$13.8 billion takeover bid for Contact's 51.4% owner Origin Energy. The move may hamper Contact's ability to make major new investment decisions.

Fletcher Building (FBU): US consumer confidence dropped to a 16-year low and house prices fell, reports show. Waning demand in the US may trim sales at Fletcher's Formica unit. CEO Jonathan Ling in May said conditions in the US have been tougher than was assumed when the company acquired Formica.

OceanaGold Corp (OGC): The operator of New Zealand's biggest gold mine will delay contracts related to its Didipio Gold Copper Project in the Philippines while it seeks additional funding. The decision will delay completion of the development beyond mid-2009, the company said in a statement.

Postie Plus Group (PPG): Jan Cameron, founder of outdoor clothing maker Kathmandu, yesterday announced she had increased her stake in the apparel store chain to 15.1% from 13.9%.


By Jonathan Underhill

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