Friday 7th August 2009
|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: Shares fell on Wall Street before July jobs data that may show the unemployment rate rose to 9.6%, the highest since 1983. New Zealand’s dollar held above 67 US cents. NZX reports today and may post a surge in net profit on gains from asset sales. ASB housing confidence survey for the second quarter showed price expectations have moved back to neutral and interest rates are no longer expected to fall.
Fisher & Paykel Healthcare (FPH): Rival manufacturer Resmed Inc., the world’s second-biggest maker of masks and ventilators for sleep disorders, posted a 53% increase in fourth-quarter profit, reflecting currency gains. F&P Healthcare shares rose 6 cents to $3.25 yesterday.
Fletcher Building (FBU): The nation’s biggest construction company is scheduled to report earnings next Wednesday. Earnings before on-time items probably fell 37% to $295 million, according to Forsyth Barr analyst Rob Mercer. The shares fell 10 cents to $7.35 yesterday.
Goodman Property Trust (GMT): The commercial property developer and manager is 75% of the way through its asset sale programme after it picked up $27.5 million for Pernod Ricard NZ House in Auckland’s viaduct precinct. Chief executive John Dakin said the company has another sale of similar value in the pipeline. The shares gained 1% to 99 cents on the NZX yesterday.
Lion Nathan (LNN): Independent valuer Lonergan Edwards & Associates concluded Kirin’s A$3.5 billion offer for the 53.9% of the brewer it doesn’t already own is fair and in the best interests of non-Kirin shareholders. On the strength of the report, Lion’s independent directors endorsed the proposal, which shareholders will vote on next month. The shares rose 0.2% to $14.71 on the NZX yesterday.
NZX (NZX): The stock exchange operator posted a 1123% gain in first-half earnings to $60.8 million on sales of TZ1 and the Bond Exchange of South Africa. A profit of $61.6 million had been expected, according to Forsyth Barr. The shares fell 4 cents to $7.71 yesterday.
Wool Equities (WEL): the company said today it will proceed with its pro-rata share buyback of two out of every three shares held as at August 7 at a purchase price of 17.4 cents apiece. The company will acquire up to 15.95 million ordinary shares for up to $2.78 million. The shares last traded at 9.9 cents on August 3.
No comments yet
Skyline boosts profits on strong tourist growth
E Tu union, manufacturers to meet next month in Metals collective deal
Auditor-General to examine OIO after finance committee request
Shippers prefer Firth of Thames over Manukau to replace Auckland Port
Bathurst gains approval to buy land for coal mining at Nightcaps
Government won't lower GST threshold for online purchases before 2018
NZ business confidence perks up in June as construction, tourism underpin economy
Fletcher drops Horokiwi Quarries from Higgins purchase as application delayed again
O:Tu winemaker Marlborough Wine Estates trades on NXT; eyes Asia, US expansion
NZ government extends drought classification for eastern South Island