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Stocks to watch: Affco, AMP, DNZ Property

Monday 20th September 2010

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Talley's increases its interest in Affco yet again, to 84.6%, AMP has been rated as 'accumulate' by Aegis Equities, while DNZ Property's chief has become eligible for 700,000 options if the share price hits certain benchmarks over the next three years.

Affco Holdings (AFF):  Talley's Group's interest in the meat processor and dairy industry investor has risen to 84.6% from 81.3% as a result of increased acceptances of the food and seafood group's takeover offer. The shares last traded at 37 cents. 

AMP (AMP): The wealth management and insurance group is rated ‘accumulate' by David Walker at Aegis Equities Research, according to the ShareChat website. Unless the firm's share price recovers enough to justify a renewed offer for AXA Asia Pacific, AMP "will continue as a well-managed equity market play facing a mixed outlook on revenue growth and margins" Walker said. He raised his valuation of the stock by 2% to A$6.20. The stock fell 0.6% to $6.50 on Friday. 

DNZ Property Fund (DNZ): The property investor has paid chief executive Paul Duffy options for bonus shares worth $756,000 at Friday's share price. The firm's chairman Tim Storey confirmed to BusinessDesk that Duffy had become eligible for the first 700,000 of 2.7 million options which he can choose to exercise, if the DNZ share price hits certain benchmarks over the next three years. The shares gained 0.9% to $1.09 on Friday. 

Ecoya (ECO): Majority owner the Business Bakery reported a decline in its holding to 61% from about 65% following the underwritten placement to raise funds for the purchase of the Trilogy skincare company. The shares were unchanged on Friday at 80 cents.  

Guinness Peat Group (GPG): The investment group stands to benefit if Alinta Energy is put in administration, Fairfax Media reported. A report from Grant Samuel in January shows the stock may be worth 8.5 cents to 10 cents in administration - more than the average of 7.96 cents a share GPG paid for its 19.9% stake. The stock rose 2 cents to 67 cents on Friday. 

Millennium & Copthorne Hotels New Zealand (MCK): The hotel chain's Copthorne Hotel Christchurch Durham Street, damaged in the earthquake, will be repaired over the next six months while guests continue to be accommodated in the Millennium Hotel Christchurch and the Copthorne Hotel Christchurch Central until the end of the year. Managing director B K Chiu hosed down reports that the damage hotel would be pulled down. "The majority of the work to be done is repair of the guest rooms and the plan is to complete the reinstatement works within the next six months, if not earlier," he said. The stock last traded on September 16 at 41 cents. 

New Zealand Refining (NZR): The shares surged 12% to $3.80 on Friday after the nation's only oil refinery said margins "remained healthy" in July and August. Margins "were a bit better than expected," said Alan Moore, who helps manage $600 million for Milford Asset Management.  

NZ Farming Systems Uruguay (NZS): Olam International raised its relevant interest in the stock to 46% from 42%, edging closer to the 50% target it needs for its 70 cents a share offer to become unconditional.  The stock was unchanged on Friday at 69 cents. 

Themes of the day: The kiwi dollar fell below 73 US cents amid resurgent fears about sovereign debt levels in Europe. Figures this week are expected to show the economy picked up to a 0.8% pace in the second quarter, while the annual current account deficit widened to $5.3 billion from $4.46 billion. The Performance of Services Industries survey is due out today and follows last week's manufacturing survey, which showed that sector slipped back into contraction.

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