Stocks to watch: New Zealand equity preview

Tuesday 8th July 2008

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

Themes of the day: The NZIER releases its Quarterly Survey of Business Opinion today, which may show activity indicators weakened in the second quarter. In Australia, the NAB business confidence survey is due. The price of crude oil fell almost 3% to $141.37 a barrel on the New York Mercantile Exchange, retreating from the record $145.85 it reached on July 3.

Cavotec MSL Holding (CCC): The developer of ship tethering systems said it won an order to supply 12 of its MoorMaster automated mooring units for the APM Terminals container facility at the Port of Salalah in Oman. The shares traded yesterday at NZ$4.40 and has climbed about 13% in the past three months.

Dominion Finance Holdings (DFH): Shares of the finance company were suspended by NZX Regulation after the company failed to provide its annual report for the year ended March 31. The shares have plummeted from almost NZ$1.50 at the start of the year to trade at just 13.5 cents yesterday.

Mainfreight (MFT), Freightways (FRE): BP, Caltex, Shell and Mobil raised prices for petrol and diesel yesterday. Diesel rose about 3.2% to NZ$185.9 a litre. Mainfreight fell 1.7% yesterday. Since yesterday, the price of crude oil has dropped almost 3%.

Pumpkin Patch (PPL): Shares of the children�s clothing chain rose yesterday after Jan Cameron, the cashed-up founder of the Kathmandu outdoor clothing stores, lifted her stake in the company to 6.3%, paying an average of about NZ$1.60 a share. The stock rose 2.7% to NZ$1.52 yesterday.

Warehouse Group (WHS): New Zealanders spent NZ$3.2 billion in June using credit and eftpos cards, according to Paymark, the Dominion Post reported, up 3.9% from the same month in 2007. Still Retail Association chief executive John Albertson was quoted as saying demand is flat while costs for retailers are rising. Warehouse cut its profit forecast on June 27 citing a �marked downturn� in consumer spending.

By Jonathan Underhill

Comments from our readers

No comments yet