Wednesday 20th August 2008
|Text too small?|
The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.
Themes of the day: US stocks tumbled amid concerns losses at finance firms will continue. The Standard & Poor's 500 Index fell 1.1%. Housing starts in the US fell 11% to an annual 965,000, the lowest in 17 years. Prices of gold and oil rose as the US dollar weakened against the euro.
Air New Zealand (AIR): Virgin Blue yesterday said its Pacific Blue unit in New Zealand would break even by November after losing less than NZ$4 million in the eight months ended June 30. Pacific Blue's debut on domestic routes last year has forced down fares. The stock rose one cent to NZ$1.26 yesterday and has declined 33% this year.
Fletcher Building (FBU): AXA Asia Pacific Holdings and associated interests reduced their holdings in the building products company to 4.8% from 5.2%. Separately, ASB Bank today said sentiment in the New Zealand housing market is picking up though is still at relatively weak levels. The stock has fallen 40% this year. The company last week posted a 3.5% drop in annual profit.
PGG Wrightson (PGW): The rural services company's offer to buy 50% of Silver Fern Farms has "a number of significant positive benefits" for shareholders of the cooperative, according to an independent report on the deal from Grant Samuel. A half stake in the meat processor formerly known as PPCS is worth between $205 million and $225 million, putting Wrightson's $220 million price at the top end of the range, Grant Samuel said. Wrightson yesterday posted an 80% jump in full-year profit.
Tourism Holding (THL): The tourist operator posted a 7% increase in profit on increased sales and a gain on asset sales. Excluding the asset sales, earnings fell 11%. The company predicted "a challenging 12-18 months
for the tourism industry" because of the impact of oil price volatility and the global credit squeeze. The stock has fallen 36% in the past 12 months and was at NZ$1.42 yesterday.
Windflow Technology (WTL): The designer and manufacturer of wind turbines expects cash-flow from orders will be sufficient to cover working capital requirements on future orders, according to a presentation to prospective investors. The stock has gained 10% this year, surging in June after the company announced that generator Mighty River Power placed an order and agreed to buy a 19.95% stake.
No comments yet
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto