F&P Appliances falls 9% in early trading

Friday 17th December 2010

Shares in Fisher & Paykel Appliances (NZX: FPA ) slid nearly 9% in early trading after the company lowered its full year earnings forecast due to disappointing November sales.

The company's shares were down 5c to 52, equal to their lowest value during the past three months.

Despite that decline, overall the benchmark NZX-50 index was in positive territory early, lifting 6.93 points to 3300.71 by 10.15am, after losing 4.1 points yesterday.

Fletcher Building (NZX: FBU ) shares gained 3c early to 775, following some big swings during the past two days in reaction to the company's hostile takeover bid for Australian company Crane Group.

Some investors consider Fletcher Building is offering too much, while others consider its bid is too low.

NZ Refining Co (NZX: NZR ) continued its ascent of the past few days, rising 9c early to 419, its highest level in nearly nine months.

Sky TV (NZX: SKT ) was up 3c to 517, OceanaGold (NZX: OGC ) lifted 7c to 460, Steel & Tube (NZX: STU ) added 2c to 215, The Warehouse (NZX: WHS ) added 2c to 354, while Telecom (NZX: TEL ) edged up 1c to 218. Cavalier Corp (NZX: CAV ) lost 4c to 299 and Trustpower (NZX: TPW ) was down 3c to 730.

In the US, stocks ended higher as economic bellwether FedEx offered a bullish profit outlook in a hopeful sign for growth

Based on preliminary data, the Dow Jones industrial average gained 0.4% to end unofficially at 11,499.48, the Standard & Poor's 500 Index rose 0.6% to 1242.89, and the Nasdaq Composite Index advanced 0.8% to 2637.31.

NZPA

Comments from our readers

No comments yet