Sharechat Logo

Stocks to watch: Auckland airport, Infratil, Michael Hill, PGW

Tuesday 13th October 2009

Text too small?

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

Auckland International Airport (AIA): The nation’s busiest gateway plans to tap retail investors for $125 million, through the sale of five-year bonds. It didn’t immediately give other details of the debt or say what the funds will be used for. The shares rose 1.6% to $1.97 yesterday. 

Infratil (IFT): The investment group’s NZ Bus unit labeled as “unhelpful” comments from Auckland Regional Council chairman Mike Lee that the bus company should settle its dispute with drivers or lose the contract with the city. Some 80,000 commuters have been disrupted by the dispute. The shares were unchanged at $1.64 yesterday. 

Michael Hill International (MHI): The jewellery chain climbed 1.4% to 72 cents yesterday, adding to a 39% gain this year, after reporting a 2.3% gain in same-store sales growth in Australia, which accounts for 68% of the group’s revenue. Margins contracted in Australia and New Zealand as the retailer discounted stock to maintain sales and spent more on promotions. 

Air New Zealand (AIR): The national air carrier will continue to look for compensation from IBM for Sunday’s mainframe crash that crippled services and disrupted thousands of passengers. The fault appears to have been caused by a power failure and delay in back-up generation, with Air NZ CEO Rob Fyfe accusing IBM of being slow to react, and unwilling to accept responsibility or to apologise. Its shares remained unchanged yesterday at $1.32. 

Fletcher Building (FBU): A potential shortfall of available housing stock could be looming in the next five years. An NZIER report on housing says up to 25,000 more houses than are expected to be built could be required in the medium term. The report warned that the shortfall’s magnitude depends on demographic factors such as whether marriage break-ups continue at the current trend or if more older people continue to live alone. Fletcher Building shares eased back 2 cents yesterday to finish at $8.15.

PGG Wrightson (PGW): The national agribusiness servicing company is remaining tight-lipped about its finance division’s exposure to Crafar Farms breach of $200 million of loan covenants across its 22 farms. Westpac, Rabobank and PGG Wrightson called in receivers last week. PGG Wrightson shares rose 1 cent yesterday to 62 cents. 

Businesswire.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report