Celebrating 25 Years of Scoop
Special: Up To 25% Off Scoop Pro Learn More

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

 

Stocks to Watch: Kathmandu, Warehouse, Telecom

Stocks to watch: Warehouse quarterly sales, Telecom 3G, Cavalier AGM, Comvita

Nov. 13 (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:

Outdoor clothing retailer Kathmandu Holdings Ltd(KMD)debuts on the NZX today.

Stocks on Wall Street declined amid falling oil prices and rising risk aversion after World Trade Organisation Director-General Pascal Lamy questioned the sustainability of the world’s global recovery, and U.S. Treasury Secretary Timothy Geithner reiterated the importance of a strong greenback to the world’s largest economy. The kiwi dollar fell to 73.26 U.S. cents today. Outdoor clothing retailer Kathmandu begins trading on the NZX and ASX today, while South Island dairy company Synlait announced it plans to make an IPO and list on the NZX.

Cavalier Corp. (CAV): Managing director Wayne Chung told shareholders at their annual meeting yesterday that the company’s budget for the 2010 financial year is for profit to rise 6% to $14.5 million and that so far this year trading is about 5% ahead of budget. The shares climbed 3.3% to $2.53 yesterday.

Comvita Ltd. (CVT): The health-care products manufacturer’s chief executive Brett Hewlett yesterday said his industry "has escaped any significant impact of the recessionary downturn." First-half sales rose 27% for a first-half profit of $1.6 million. The stock climbed 7.8% to $1.24 yesterday.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

Guinness Peat Group PLC: The investment company chaired by Ron Brierley has improved its financial position on the back of stronger trans-Tasman currencies. The parent company’s cash holding increased 1.5% to 263 million pounds in the three months ended Sept. 30, according to a management update. The shares rose 1.2% to 83 cents on the NZX yesterday.

Steel & Tube Holdings (STU): The steel building products company has had “a tough first four months of trading, with a continuation of soft volumes and even greater pressure on margins,” chairman Dean Pritchard told shareholders yesterday. “Present indications are that we will not in this current half year to December meet the performance of the second half of last year.” The shares dropped 4.8% to $2.95 yesterday.

Telecom Corp. (TEL): The phone company will wholesale its 3G network in 2010, a year earlier than it had planned. The company has been trialling wholesaling mobile technology, it said in a statement. The shares edged up 0.4% to $2.55 yesterday.

Warehouse Group Ltd. (WHS): The retail chain reported a drop-off in first-quarter sales, which fell 1% to $362.9 million. Chief executive Ian Morrice said he is still uncertain about the extent of the recovery in consumer demand, though he’s confident the group is well-placed for Christmas trading. Shares in the retailer climbed 1.2% to $4.30 on the NZX yesterday and have advanced about 21% this year.

(BusinessWire) 10:00:53

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.