Tuesday 16th September 2008
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Themes of the day: Stocks tumbled worldwide overnight following the bankruptcy of Lehman Brothers and concern the US economy will sink into recession. The US dollar weakened against the yen and crude oil fell. Gold and silver were among the few bright spots as investors sought a haven from the turmoil. US Treasuries rallied on prospects the Federal Reserve will cut borrowing costs this week to ease the financial crisis.
L&M Petroleum (LMP): The exploration company yesterday said it had initial positive tests for coal-seam gas in its Goodwin-1 well. The core samples taken were "fizzing with gas", managing director John Bay said. Shares of L&M fell 9.6% to 18 cents yesterday and have soared almost 100% this year.
New Zealand Oil & Gas (NZO): Crude oil for October delivery fell 5.4% to $95.71 a barrel on the New York Mercantile Exchange, the lowest since February.
OceanaGold Corp. (OGC): Gold futures for December delivery climbed $22.50 to $787 an ounce on the New York Mercantile Exchange, the biggest gain in almost three months. The stock was at 52 cents yesterday and has tumbled 80% this year.
ProvencoCadmus (PVO): The eftpos machine company yesterday said it will sell assets to a group of managers and is preparing to dispose of other businesses to recapitalise the group. The company expects to return to profit next year. The shares were unchanged at 18 cents, near a record low, and have shed 65% this year.
Telecom Corp. (TEL): The biggest company on the benchmark NZX 50 Index may lead stocks lower as investors worldwide eschew equities for relatively safer investments, including gold. The shares fell 2.4% to NZ$2.90 yesterday, a 15-year low, and have dropped 32% this year.
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