Sharechat Logo

Stocks to watch: New Zealand equity preview

Friday 1st August 2008

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

Themes of the day: US gross domestic product rose at a less-than-expected 1.9% annual pace in the second quarter, stoking concern the world's biggest economy may be slipping into recession. US stocks fell, with the Standard & Poor's 500 Index rounding out its second monthly decline. The Reuters/Jefferies CRB Commodity Index had its worst monthly decline since 1980 in July, falling 10%.

OceanaGold Corp. (OGC): The gold miner posted a net loss of US$19.2 million in the three months ended June 30, from a year-earlier profit of US$16.5 million, reflecting the impact of unrealised hedge gains and losses in each period. EBITDA was $1.1 million in the quarter, down from $2.8 million.

Propertyfinance Group (PFG): The company hasn't yet filed its annual report for the year ended March 31 and its shares will be suspended from trading from August 8 if the report isn't filed by then, NZX Regulation said in a statement. The stock last traded at 10 cents on the NZAX on July 25.

TrustPower (TPW): The utility controlled by Infratil yesterday said it expects strong earnings growth through this year after a weaker first-quarter performance. The stock has dropped 8% this year and was at NZ$7.96 yesterday.

Vector (VCT): Moody's Investors Service revised the outlook on Vector's Baa1 rating to "stable" from "developing" after the sale of the utility's Wellington electricity network for $785 million. The sale proceeds will be used to repay debt. Vector stock has gained almost 14% in the past month.

Warehouse Group (WHS): Founder Stephen Tindall may revive his attempt to take the retailer private after the Court of Appeal blocked Woolworths and Foodstuffs from taking over the company. Deutsche Bank analyst Kristan Walker said Tindall and Pacific Equity Partners could offer to buy the combined 20% stake the two supermarket chains own, adding to Tindall's 50% stake, The New Zealand Herald reported.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

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