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Stocks to watch: Contact, Goodman Property, KMD, Wrightson

Tuesday 24th November 2009

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

Themes of the day: Stocks rallied in the U.S. and Europe after U.S. home sales climbed. Prices of crude oil, gold and metals rallied and the U.S. dollar weakened.

Cavotec MSL Holdings Ltd (NZX: CCC ): The mooring equipment and airport ground-handling equipment group said its quarterly order intake fell 21% to 28 million euros in the third quarter from a year earlier, though orders picked up compared to the second quarter. The company singled out its airport market unit as a growth engine, after it won orders from the U.S. Air Force and commercial airports in the Middle East. The shares fell 6 cents to $2.64 yesterday.

Contact Energy (NZX: CEN ): The biggest utility on the NZX 50 and rival utility TrustPower (TPW) received a formal warning from the Commerce Commission over allegedly anti-competitive behaviour during the tender of a power station near Nelson in 2002. The warning followed an investigation into possible bid-rigging. The Cobb hydroelectric power station was subsequently acquired by TrustPower for $92.5million in 2003. Contact rose 4 cents to $5.95 yesterday and TrustPower was unchanged at $7.45.

Goodman Property Trust (NZX: GMT ): The property investors is rated ‘outperform’ by First NZ Capital analyst Jason Lindsay, according to the ShareChat website. Lindsay said a shortfall in first-half earnings due to rent reviews should be made up in the second half. The trust’s units fell 1 cent to $1.03 yesterday.

Kathmandu Ltd (NZX: KMD ): The outdoor equipment retailer entered the NZX 50 yesterday, forcing index-weighted funds to add the stock to their holdings. The shares slipped 0.9% to $2.15 yesterday. Kathmandu replaced tapmaker Methven Ltd. in the benchmark index. Methven fell 2% to $1.46 yesterday.

PGG Wrightson (NZX: PGW ): The nation’s biggest rural services company yesterday said it had completed the placement of 41.1 million shares at 88 cents each to Agria, raising $36 million. Agria will become Wrightson’s biggest shareholder once all its capital-raising plans are completed. The shares rose 4.7% to 67 cents yesterday.

Postie Plus Group Ltd (NZX: PPG ): The clothing and baby-ware chain 18% owned by Kathmandu founder Jan Cameron posted a 15% increase in sales in the first quarter, putting it on track for a narrower first-half loss than last year’s $2.6 million loss. The shares rose 2.6% to 40 cents yesterday. 

 

Businesswire.co.nz



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