Stocks to watch: Financial stocks have top billing today

Tuesday 31st August 2010

Financial companies are the focus of the day today. The headline act is South Canterbury Finance, but also in the news is Allied Farmers and Pyne Gould's Marac.

Allied Farmers (NZX: ALF ): The finance group yesterday said it gained a two-week extension on filing its annual results after the firm’s Allied Nationwide finance arm was put in receivership. ANF “is a significant part of the ALF operations, with its gross assets comprising more than half of the group’s total gross assets,” the company said. The shares last traded at 2.5 cents.

Genesis Research (NZX: GEN ): The Auckland based biotechnology company reported a half-year net loss of $511,000, a decline of 58% on the previous period. The company’s Solirna Biosciences subsidiary was forced to close up shop as funding dried up on their ssRNAi gene silencing technology. Shares were unchanged yesterday at 4.5 cents.

Mercer Group (NZX: MGL ): The manufacturing group posted a full-year loss of $3.3 million, reflecting one-time charges including the cost of closing its Mercer Middle East business. The stock last traded at 25 cents on June 30.

Pumpkin Patch (NZX: PPL ): The children’s clothing chain is set to face increased competition as the Witchery chain's is set to launch a children's range into 18 of its existing stores in Australia and New Zealand, said Goldman Sachs JB Were analyst Buffy gill, quoted on the ShareChat website. Shares were unchanged yesterday at $1.71.

Pyne Gould (NZX: PGC ): The finance company said last week that it is making progress in talks with partners Canterbury Building Society and Southern Cross Building Society, with a goal to merge the lenders next year and form the country's only locally-owned and listed bank. Shares rose 2.5% yesterday to 41 cents.

Savoy Equities (NZX: SVY ): The oil and resin extractor reported a 54% decline in half-year earnings to June 30, to $227,612. The company was forced to realize a depreciation expense of $77,320 in the period as well as a one-off plant relocation cost, which impacted results, said the company in a statement today. Shares were unchanged at 1.2 cents a share yesterday.

Sky City (NZX: SKC ): The hotel and casino operator announced yesterday that it would spend up to $250 million developing its Adelaide Casino as part of a state river-enhancement project. The shares fell 0.4% to $2.90 yesterday.

Businesswire.co.nz

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