Sharechat Logo

Stocks to watch: New Zealand equity preview

Monday 25th 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: Wall Street rallied on Friday as the price of oil plunged and Korea Development Bank said it may invest in Lehman Brothers. At home, Sky City Entertainment Group posted a 49% decline in annual profit after writing down its cinemas unit.

Air New Zealand (AIR): The national carrier's stock has tumbled 35% this year, lagging behind the NZX 50 Index, amid rising prices for jet fuel and rivalry on key routes across the Tasman Sea. The airline reports its annual earnings result tomorrow, having cut its forecast twice this year.

Contact Energy (CEN): The biggest utility on the NZX 50 Index reports full-year profit tomorrow, with pretax earnings growth of almost 4% forecast by analysts. The company probably benefited from soaring wholesale power prices though it paid more to buy electricity as well. The stock fell 2% to NZ$8.42 on Friday to be up 3% this year

Fisher & Paykel Healthcare (FPH): Managing director Mike Daniell told shareholders on Friday that first-half profit will rise about 38% on demand for its respiratory and acute care products. Operating profit is expected to be about NZ$43 million in the six months ended September 30, he said. The stock rose 4.5% to NZ$3.05 on Friday.

New Zealand Oil & Gas (NZO): Crude oil for October delivery fell 5.4% to $114.59 a barrel on the New York Mercantile Exchange on Friday, the biggest drop since 2004.

Port of Tauranga (POT): The port operator, which may resume merger talks with rival Ports of Auckland, plans to expand its container terminal operations for the first time since 1992 as volumes increase. Port of Tauranga stock has gained 8% in the past month.

Sky City Entertainment Group (SKC): The casino operator today posted a drop in earnings after taking one-time charges of NZ$58 million, including a write-down of its cinema chain. Excluding the items, per-share earnings rose 14%. The stock has declined 26% this year and traded at NZ$3.43 on Friday.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

8th December 2021 Morning Report
New Zealand King Salmon Investments Limited (NZX: NZK) Market Update
Scales Corporation Limited (NZX: SCL) Market update
Delegat Group Limited (NZX: DGL) $333 million syndicated bank facilities
7th December 2021 Morning Report
Sky Network Television Limited (NZX: SKY) Transformation accelerates - Sky raises FY22 guidance
PGG Wrightson Limited (NZX: PGW) FY22 Operating EBITDA forecast to better last year
Vulcan Steel Limited (NZX: VSL) Trading Update & Earnings Upgrade
6th December 2021 Morning Report
Synlait Milk Limited (NZX: SML) Partnership to enhance soil health; test regen ag practices