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Stocks to watch: Fletcher, Marlin Global, Rakon

Stocks to watch: Fletcher, Marlin Global, Rakon

Nov. 12 (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: Shares in Australasian camping and hiking equipment chain Kathmandu will be sold at A$1.70 apiece, the bottom end of the indicative price range. Shares on Wall Street edged higher after figures yesterday showed China’s industrial production surged.

Air New Zealand (AIR): Pacific Blue chief executive Mark Pitt said in the next the budget airline aims to win market shares off rivals Air New Zealand and Jetstar in the next 18 months. The airline plans to offer ‘premium economy’ seats to lift its 11% share of the domestic market, the Press reported. Air NZ fell 3 cents to $1.26 yesterday.

Fletcher Building (FBU): The nation’s biggest construction firm yesterday said earnings may be at the low end of forecasts and there’s no sign yet of recovery in its markets. “We have yet to see any significant signs of a recovery in any of our markets,” chairman Rod Deane told shareholders. The stock fell 1.1% to $7.95 yesterday.

Marlin Global Ltd. (MLN): The global share investor said its net asset value rose to $1.05 in the third quarter from 99 cents and along with its inaugural dividend of 2 cents per share paid on Sept. 18 represents an 8% return. The shares rose 1.3% to 81 cents yesterday.

Rakon Ltd. (RAK): The maker of crystal oscillators used in navigation systems and mobile phones posted a first-half net loss of $6.2 million, while the EBITDA loss of $2.9 million beat the company’s September guidance of a $3 million to $4 million loss. Managing director Brent Robinson kept the full-year guidance unchanged at EBITDA of $4 million to $8 million. The shares fell 2 cents to %1.17 yesterday

Tourism Holdings (THL): Rising tourist numbers underpinned gains in New Zealand accommodation in September as the number of guest nights increased for all operators. Total guest nights rose 1.2%, seasonally adjusted, to 2.7 million, according to government figures. Shares of the campervan rental company were unchanged at 71 cents yesterday.

(BusinessWire)

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