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Stocks to watch: ALF, LME, LPC, NZS, OGC, TEL

Stocks to watch: ALF, LME, LPC, NZS, OGC, TEL

June 20 (BusinessDesk) – The following stocks may be active on the New Zealand exchange after developments since the close of trading. All prices are in New Zealand dollars unless specified.

Themes of the day: The government is set to release the economic survey of manufacturing as well as wholesale trade numbers for March today. The market will also be watching for BusinessNZ Performance of Service survey for May, which due later this morning.

Offshore leads were slightly more positive, with global equity markets chalking up gains after Germany backed down from a requirement that private bondholders participate in a second Greek debt restructuring package. On Wall Street, the Standard & Poor's 500 Index rose 0.3% on Friday to 1,271.5, while Europe's Stoxx rose 0.2% to 267.17.

Allied Farmers Ltd. (ALF): The rural services company which failed to transform itself into a major lender said it may write off a former Hanover Finance loan over a Fijian island resort after Australia & New Zealand Banking Group appointed receivers to the venture. The loan has been in default since April 2009 and already carries a substantial impairment charge. ALF shares fell 18.2% on Friday to 0.9 cents.

L&M Energy Ltd. (LME): The coal seam gas and natural gas development company is set to start its Taranaki drilling programme with the spudding of an onshore well at the end of the week. The Talon-1 well will be in a 482.4sq km permit area to the east of Eltham and Hawera, stretching inland from a length of coast near Patea. L&M, which has a 50% interest in the permit, rose 8.3% on Friday to 13 cents.

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Lyttelton Port Co. (LPC): The operator of the South Island's busiest port reported that most of its operations are up and running again after two powerful aftershocks struck Christchurch last week, causing further damage to its infrastructure. Only coal export operations remain offline. LPC shares fell 0.4% on Friday to $2.24.

NZ Farming Systems Uruguay Ltd. (NZS): A group of minority shareholders says it remains determined to stop Olam International gaining full control of the company at 70 cents a share, according to a Fairfax Media report. The minority shareholders hold more than 10% of NZS, effectively preventing Singaporean company from reaching the 90% level needed to trigger an automatic buyout of minority holdings. NZS shares were unchanged on Friday at 70 cents.

OceanaGold Corp. (OGC): Rising global risk aversion has seen gold prices begin to track upwards amid heightened demand for safe haven assets, with the precious metal last selling at US$1,538.40 an ounce, up from US$1523.70 on Friday. Shares in OceanGold, which operates the Macraes and Reefton goldfields, were unchanged on Friday at $3.20.

Telecom Corp. (TEL): The country's biggest phone company said it would have to grant credit to about 7% of its retail internet customers after a problem with its broadband metering software meant they hit their data limits earlier than they should have. The error meant customers who were mistakenly thought to have reached their data caps were either charged for additional data, or had their service throttled. Telecom shares 0.8% on Friday to $2.38.

(BusinessDesk)

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