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New Zealand Equity Preview

Friday 26th September 2008

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The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.

Themes of the day: Figures today are expected to confirm the New Zealand economy fell into recession in the first half of the year. The economy probably contracted 0.5% in the second quarter, according to economists' estimates. Other figures will show migration and tourism figures for August. Stocks on Wall Street and in Europe gained on signs the U.S. Congress is nearing agreement on a US$700 billion rescue package.

Glass Earth Gold Ltd. (GEL): the minerals explorer said its results of drilling on the Massey section of Muirs Reef were strongly encouraging, with "a broad section on mineralised quartz veins." The shares traded at 17 cents yesterday and have dropped 20% this year.

Northland Port Corp. (NTH): Chairman Mike Daniel said the company expects a lift on log volumes in the final quarter and rising tonnages of woodchip exports, according to the company's annual report, out today. The stock has fallen 22% thi9s year and traded at NZ$2.75 yesterday.

NZ Farming Systems Uruguay Ltd. (NZS): the company establishing dairy farms in Uruguay based on New Zealand intensive farming techniques named Graeme Wong as its third independent director, starting next month. Wongs experience includes involvement as a director with Tasman Agriculture. The shares traded at NZ$1.40 yesterday and are down 15% this year.

PGG Wrightson Ltd. (PGW): the rural services company has completed its bookbuild to raise up to NZ$100 million to help fund its acquisition of a half stake in Silver Fern Farms. Details are due today. The stock fell to NZ$2.10 yesterday and have tumbled 24% in the past month.

Property for Industry Ltd. (PFI): the property investor yesterday announced its third design-build development this year, a $3.1 million project at the Peninsula Business Park in Avondale. The company has more than $11 million of projects underway. The shares traded at NZ$1.14 yesterday and are down 22% this year.

By Jonathan Underhill

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