Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Stocks to watch: AMP Office, Fletcher, MET, POT

Stocks to watch: AMP Office, Fletcher, MET, POT, WHS

Oct. 23 (BusinessWire) – The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday. All prices are in New Zealand dollars unless specified.

Themes of the day: Stocks on Wall Street staged a late rally, with the Dow Jones Industrial Average climbing 1.3% as earnings from Travelers Cos. and McDonald’s Corp. beat estimates. The kiwi dollar edged up to 75.82 U.S. cents. Investors are looking ahead to the central bank’s Oct. 29 review of monetary policy, amid speculation Governor Alan Bollard will signal the easing cycle has ended.

Allied Farmers Ltd. (ALF): The shares sank 3.6% to 27 cents yesterday after the rural services and finance group said it breached a lending covenant and said trading conditions are “tough.” Westpac Banking Corp. has granted a waiver to the company after it breached banking covenants in the September quarter, it said.

AMP NZ Office Trust (ANZO): The country’s largest listed commercial landlord yesterday announced changes to its fee structure to align with unitholders, taking a lower base fee and a greater performance element. Chief executive Robert Lang said the manager will lower its fee on the troubled 21 Queen Street property until it reaches 75% occupancy. The shares were unchanged at 85 cents yesterday.

Cue Energy Resources (CUE): The oil company’s shares fell 2.9% to 33 cents in their second day trading on the NZX.

Fletcher Building Ltd. (FBU): New Zealand’s biggest construction company may bolster profits in 2011 on a pick-up in residential construction and the benefits of cost cutting, according to Morningstar analyst Nachi Moghe. The research firm raised its rating to ‘hold’ from ‘reduce.’ Morningstar reiterated its forecast for 2010 net profit of $306.5 million and raised its 2011 estimate to $385 million from $347 million. The shares fell 1% to $8.32.

Metlifecare Ltd. (MET): Chairman Charles MacDonald said results for the first quarter were up 50% from a year earlier. The retirement village company settled 84 units in the first quarter. It needs an average 30 settlements a month to achieve its stretch budget. For the month of September there were 53 deposits taken. The shares were unchanged at $2.27 yesterday.

Port of Tauranga Ltd. (POT): Chief executive Mark Cairns told shareholders at their annual meeting yesterday that trade was down 7.7% in its first quarter and containers tumbled 25%. Net profit edged up 0.2% from a year earlier, he said. There was no guarantee the port would continue to trade as profitably on reduced trade. The shares fell 0.7% to $7.20.

Pyne Gould Corp. (PGC): The finance and investment group yesterday raised $30 million in a placement to institutions at 43 cents apiece, bringing its total capital raising to $267 million. Pyne Family Holdings, which is associated with director George Kerr, will buy 1 million shares at 49 cents each. The shares resume trading today having been halted for the placement. They last traded at 46 cents.

Turners Auctions Ltd. (TUA): Shares of New Zealand’s largest single seller of motor vehicles jumped 4.2% to $1.25 yesterday after the company raised its full-year profit forecast, saying a pick-up in volumes and cost control had yielded a better than expected third quarter.

Warehouse Group (WHS): The biggest retailer on the NZX 50 is “increasingly confident” about the prospects for the business over the next 12 months, chief executive Ian Morrice said in the company’s annual report, released today. Profit fell 15% in the 2009 year, including a charge to exit fresh food and liquor. Shares rose 6 cents to $4.48 yesterday.

(BusinessWire)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

RNZ: Porirua Most Expensive Region To Rent, According To Trade Me

A rental website shows this town is now New Zealand's most expensive region to rent a house, ahead of Wellington and Auckland cities. More>>

ALSO:


Stats NZ: Nearly 1,000 More Big Businesses Now Than Two Decades Ago – Media Release

There are now 2,690 big businesses in New Zealand employing more than 100 staff – nearly 1,000 or 58 percent more than 20 years ago, Stats NZ said today. Over the 20 years to February 2020, the total number of enterprises in New Zealand increased ... More>>

ALSO:

RNZ: Housing Boom Could Get Worse, Economist Warns

Economists are calling on the Reserve Bank to reinstate lending restrictions, warning the housing market is spiralling out of control. More>>

ALSO:

Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>

ALSO:

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:


CERT NZ: Malicious Computer Virus Targeting New Zealanders

CERT NZ, the government agency which supports organisations and individuals affected by cyber security incidents, says a recent surge of increasingly sophisticated malware attacks is affecting everyday New Zealanders as well as large organisations. The ... More>>

ALSO:

Economy: NZ Small Business Recovery Continues In September

Xero, the global small business platform, today released its Small Business Insights (XSBI) for September revealing an uptick in small business jobs and year-on-year revenue growth in New Zealand. Nationwide, the average number of jobs in the small ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>