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Stocks to watch: Contact Energy,Guinness Peat Group, NAP, GMT, NWF, OGC, TEL

Thursday 13th May 2010

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Contact Energy reports that it has lost more customers in April and Guinness Peat shares continue to slide.  OceanaGold surges nearly 9% as the price of gold rises to a record high and NPT unit holder group pushes for removal of manager.


Contact Energy (NZX: CEN ): The biggest utility on the NZX 50 today released its monthly operational data, showing a collapse in wholesale electricity prices and a loss of a further 2,000 electricity customers in April. The shares rose 2 cents to $6.14 yesterday.

Guinness Peat Group (NZX: GPG ): The investment company chaired by Ron Brierley told investors its Coats’ business had lifted sales this year, and its restructuring process in Europe had resulted in better trading results for its crafts division. Brierley last week told investors the detail of its ‘value return’ to shareholders would be pushed out by a few weeks or months. The shares fell 3.5% to 82 cents yesterday.

National Property Trust (NZX: NAP ): A group of investors led by David Cushing, a director of H&G Limited yesterday called a meeting to dump the property investor’s manager, which is part of the St Laurence group of companies. The shares were unchanged yesterday at 48 cents. Goodman Property Trust was also unchanged at 98 cents, while AMP New Zealand Office Trust fell 1.3% to 74 cents.  

New Zealand Windfarms (NZX: NWF ): The supplier of its turbines, Christchurch-based Windflow Technology, said the resolution of a dispute with Windfarms removed a “fundamental uncertainty” about the company. Windfarms rose 4.2% to 25 cents  and Windflow was unchanged at 98 cents.

OceanaGold  (NZX: OGC ): The operator of the Macraes and Reefton goldfields surged 8.9% to $3.48 yesterday after the price of gold rose to a record US$1,234.50.

Telecom (NZX: TEL ): The nation’s biggest phone company is rated a ‘hold’ by brokerage McDouall Stuart, according to the ShareChat website. The company’s prospects depend on its ability to protect its share of the cellular and broadband markets, it said. Given regulation will endeavour to foster competition, a decline in Telecom’s market share was inevitable. The brokerage forecasts Telecom’s annual dividends will fall from 24 cents a share this year to 15.5 cents in 2011 and 14.3 cents in2012. The shares were unchanged at $2.10 yesterday. 


Economic themes of the day: Shares gained on Wall Street, with the Dow Jones Industrial Average climbing 1.4%.

Fears lingered in Europe about the region's capacity to tackle its underlying fiscal issues which its 750 billion euro bailout fund may not resolve.

Crude oil fell in New York after US Energy Departmenmt figures showed stockpiles are continuing to climb.

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