Sharechat Logo

Stocks to watch: New Zealand equity preview

Tuesday 1st July 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: The benchmark NZX 50 Index fell yesterday to its lowest level in more than three years. Oil reached a new record US$143.67 a barrel, rounding out its biggest quarterly gain in nine years, before easing back to US$140. The Reserve Bank of Australia is expected to leave its key rate unchanged at 7.25% today amid signs that the economy is starting to slow.

Dominion Finance Holdings (DFH): The finance company that’s proposed a moratorium on debenture payments to help alleviate a cash flow squeeze, yesterday suspended payments on its listed capital notes. It also won’t pay interest due on debenture stock at June 30. Dominion Finance stock yesterday fell 4.2% to 11.5 cents.

Hellaby Holdings (HBY): The diversified investor yesterday announced the sale of its BBQ Factory chain to a group led by private equity firm Capital Group. The sale will reduce pretax earnings by NZ$5 million to NZ$40 million, the company said yesterday. Its shares last traded at NZ$1.35, the lowest in at least a decade.

Methven Ltd (MVN): The tapware maker appointed Phil Lough, former CEO of Sealord, as chairman. Shares of the company, which posted a 28% gain in profit last year, have fallen about 13% the past two weeks.

PGG Wrightson (PGW): The rural services company said it may sell shares to raise NZ$75 million to help fund its proposal to acquire a 50% stake in Silver Fern Farms, the meat cooperative formerly known as PPCS, for NZ$220 million. The shares fell about 7% to NZ$1.35 yesterday.

Pike River Coal (PRC): The coal miner whose stock has doubled in the past year joins the NZX 50 Index today, replacing Hellaby. Entry to the index may boost demand from institutions who oversee index-weighted funds.

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
Comment:
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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report