Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Stocks to Watch: New Zealand Equity Preview

Stocks to Watch: New Zealand Equity Preview

Nov. 25 – The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.

Themes of the day: Stocks rallied in the U.S. and Europe after the American federal government provided Citigroup with a US$20 billion injection of government aid and protection from losses on US$306 billion of toxic, mortgage-related assets. Also helping stocks in Europe to rally, the U.K. government announced the biggest round of tax cuts and fiscal spending in 20 years to help haul its economy out of recession.

Fisher & Paykel Healthcare Corp. (FPH): Schroder Investment Management Australia reduced its holding in the healthcare products maker to 6.16% from 7.8% according to a filing today. The shares fell 7 cents to NZ$2.98 yesterday and have fallen 15% this year.

Fletcher Building (FBU): Fletcher Building Ltd. is being sued for at least US$21 million in the New York Supreme Court over a dispute regarding additional payments for the benchtop maker Formica. Fletcher is trying to raise up to $200 million through a capital notes issue. The shares rose 2.2% to NZ$5.54 yesterday after an ANZ Bank report showed housing affordability had picked up in its latest monthly survey.

Lyttelton Port Co. (LPC): Christchurch City Holdings has lifted its stake in the port company to 77.5%, nearing its goal of 78.2%. The city offered NZ$2.75 for the shares. percent of Lyttelton Port Company. They traded at NZ$2.65 yesterday. Port Otago owns 15.3% of Lyttelton.

New Zealand Oil & Gas Ltd. (NZO): Crude oil for January delivery rose 9.2% to US$54.50 a barrel on the New York Mercantile Exchange. The stock rose 4 cents to NZ$1.21 yesterday and is up about 5% this year.

Pumpkin Patch (PPL): Shares of the children’s clothing chain rose 14% to 91 cents yesterday after the company said it will buy back about 5% of its stock over 12 months to help lift the price. The retailer has tumbled 70% this year on weakening demand. “The buyback reflects our belief in the true underlying value of the Pumpkin Patch brand and our confidence in the company's continued financial performance into the future,” chief executive Maurice Prendergast said today. Earlier this month he said profit may fall amid the most difficult trading conditions he had seen in 15 years as chief executive.

Richina Pacific (RPL): The diversified company soared 38% to 33 cents yesterday, after announcing late Friday that it will seek shareholder approval to reorganise into four separate divisions with separately trading shares. The company would amalgamate assets such as Shanghai Leather into the parent among the changes and its existing shares would be delisted.

(Businesswire)

ENDS

© Scoop Media

 
 
 
 
 
Top Scoops Headlines

 

Scoop HiveMind Project: Universal Basic Income - Are We Up For It?

This is an opportunity for you as one of the 4 million potential funders and recipients of a Universal Basic Income to collectively consider the issue:
1. Is UBI is a desirable policy for New Zealand; and
2. How should a UBI system work in practice. More>>

ALSO:

Lyndon Hood: National Announces Plan To Hit Youth With Big Mallets

The National party has announced its youth justice policy, which includes a controversial plan for recidivist serious youth offenders to be hit over the head with a comically large rubber mallet. More>>

ALSO:

Lyndon Hood: This ->

It's been brought to my attention that Labour's new campaign slogan is "Let's do this". A collective call to action. A mission. I myself was halfway out of the couch before I realised I wasn't sure what it was I was supposed to do. More>>

ALSO:

Scoop Hivemind Report: What New Zealanders Think About Affordable Housing

Ordinary citizens have had very few venues where they can debate and discuss as to what they believe has led to the crisis in affordable housing and how we might begin to address this. The HiveMind on affordable housing was about redressing the balance. More>>

ALSO:

New Hivemind Exploration: Opening The Election - Freshwater Quality

This is an opportunity for you as one of the 4 million guardians of our common water resources to help us find mutually agreeable solutions to the critical task of collectively managing these resources for health and sustainability. More>>

ALSO: