Scoop has an Ethical Paywall
License needed for work use Register

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


Stocks to watch: AMP, Cynotech, GFF, Infratil

Stocks to watch: AMP, Cynotech, Goodman Fielder, Infratil

Nov. 17 (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 rallied in the U.S., extending a global rally after American retail sales climbed and investors took heart from comments from APEC leaders that they will maintain stimulus measures until there’s certainty about the economic recovery. The greenback weakened and the kiwi dollar gained to 74.82 U.S. cents.

AMP Ltd. (AMP): Aegis Equities analyst David Ellis rates the Australia’s insurance and wealth management group a “buy.” AMP and AXA SA's combined takeover offer for AXA Asia Pacific would substantially strengthen AMP's position across its core markets, Ellis says, according to the ShareChat website. The shares rose 13 cents to $8.05 yesterday.

Cynotech Holdings (CYT): The diversified group with assets ranging from loan books to ice-cream cones soared 32% to 14 cents yesterday after chairman and former 1980s high-flier Allan Hawkins said he would make a takeover bid through his private investment company, Cynotech Securities. The offer is expected around Dec. 10.

Goodman Fielder (GFF): The food and ingredients company may announce the sale of its edible fats and oils business this week, according to the Australian Financial Review. The assets may fetch A$200 million and A$300m, the report said. The shares fell 1% to $1.94 yesterday on the NZX.

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.

Infratil Ltd. (IFT): The infrastructure investment company announced its half year operating surplus to 30 Sept. of $70.4 million today. Included in its financial statements was a $41.6 million write-down of its Glasgow Prestwick airport asset, a reflection of lower passengers numbers, though freight volumes were up 16%. Its shares were trading at $1.54 yesterday, down one cent.

Kathmandu Holdings (KMD): The outdoor equipment and clothing chain held its gains yesterday, trading at $2.23 with about 2.3 million shares changing hands, having jumped 4.7% to that price in its debut on Friday.

PGG Wrightson Ltd. (PGW): There are likely to be board changes at the national stock and station company once it completes its capital raising. Details of the expected $150 million equity injection are expected towards the end of next week. Wrightson is also waiting Overseas Investment Office approval to allow potential cornerstone Chinese investor Agria Corp. to take a 13% stake for $36 million. Its shares closed at 65 cents yesterday, up 2 cents.

Telecom Corp. (TEL): The national telecommunications company’s results for the first quarter were in line with broker expectations according to NZ First Capital analyst Greg Main. Operation earnings were $447 million, with a $17 million dividend. He expects Telecom share values to remain flat over the next three to six months as investors wait to see what emerges from the Government’s invitation to participate in its fibre-to-the-home network. Its shares remained steady at $2.56 yesterday.


© Scoop Media

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

FMA: MAS To Pay $2.1M Penalty For Making False Representations

Following proceedings brought by the FMA, MAS has been ordered to pay a $2.1M penalty for making false and/or misleading representations to some customers. MAS admitted failing to correctly apply multi-policy discounts and no claims bonus discounts to some customers, failing to correctly apply inflation adjustments on some customer policies, and miscalculating benefit payments.More

IAG: Call On New Government To Prioritise Flood Resilience

The economic toll of our summer of storms continues to mount, with insurance payouts now topping $1B, second only to the Christchurch earthquakes. AMI, State, & NZI have released the latest Wild Weather Tracker, which reveals 51,000 claims for the North Island floods & Cyclone Gabrielle, of which 99% (motor), 97% (contents), and 93% (home) of claims have now been settled. More


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.