Friday 29th August 2008
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Themes of the day: The US economy grew at a faster pace than previously estimated in the second quarter, figures showed overnight. Gross domestic product rose at a 3.3% annual pace, up from an initial 1.9% estimate, the Commerce Department said. Wall Street had the biggest gains in three weeks after the report, with the Standard & Poor's 500 Index gaining 1.5%.
Broadway Industries (BWY): The company which includes stainless steel fabrication operations yesterday said cost overruns and contract delays will result in a pretax loss this year of NZ$1.5 million. It had previously predicted a gain in earnings. The shares fell 6.6% to 70 cents yesterday.
Cavotec MSL Holdings (CCC): The supplier of power supply systems today said first-half profit jumped 66%. The company said it is evaluating acquisition opportunities, has strong operating cash flows and a healthy balance sheet. The shares traded yesterday at NZ$4.39 and have declined 4% this year.
Hellaby Holdings (HBY): The diversified group yesterday reported a full-year profit of $4.7 million profit from a year earlier loss of $9.8 million. The company took one-time charges for its unprofitable BBQ Factory unit, which it has since sold. The stock fell one cent to NZ$1.76 yesterday. Over the past three years it has declined 70%.
New Zealand Oil & Gas (NZO): The oil and gas producer today said full-year profit soared to NZ$97.2 million from NZ$6.8 million a year earlier. Given the size of the profit, the company will pay an additional five cents a share dividend, it said. Sales rose as oil flowed from the Tui field, where reserves have been upgraded twice. The stock was at NZ$1.62 yesterday and has climbed 55% in the past 12 months.
New Zealand Wine Company (NWC): The company whose stock trades on the NZAX market today said annual earnings rose 75% to NZ$2 million on record sales of wine and unrealized profit adjustments under NZ IFRS. The stock has declined 8% this year, to NZ$2.40 yesterday.
Telecom (TEL): The Commerce Commission today released a draft report on the nation's telephone number regime, saying its preliminary analysis shows it doesn't meet best practice standards. Numbering "has acquired important economic and social dimensions with the rise of competition over the years," Telecommunications Commissioner Dr Ross Patterson said. The stock rose two cents to NZ$3.26 yesterday.
Wellington Drive Technologies (WDT): The maker of motors and fans used in ventilation and refrigeration systems posted a first-half loss of NZ$4.4 million. The company said it is on track to achieving breakeven in the second half of 2009. The shares last traded at 34 cents and have dropped 30% this year.
Windflow Technologies (WTL): Shareholders unanimously approved a plan for state-owned Mighty River Power to acquire a 19.95% stake in the turbine manufacturer via the issue of new shares. The transaction is part of an agreement for Windflow to build a wind farm for the power company at Long Gully near Wellington. The shares were unchanged at NZ$3.40 yesterday and are up 7% this year. The stock soared in June when the plan was announced.
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