Stocks to watch: F&P Appliances, IFT, RBD, RYM
Stocks to watch: F&P Appliances, Infratil, RBD, Ryman
Dec. 2 (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 rose in the U.S. as concerns about a potential default by Dubai World abated and figures showed an expansion in American manufacturing. The Reserve Bank of Australia yesterday raised its benchmark interest rate for a third straight month to 3.75%, widening the gap with New Zealand’s 2.5% rate.
Fisher & Paykel Appliances (FPA): The whiteware manufacturer is under pressure to make further changes to its board and management after posting a first-half loss, the NZ Herald said. Chairman Gary Paykel stepped down last week, to be replaced in the interim by Ralph Waters while the company searches for a replacement for CEO John Bongard, who left due to ill health. The shares rose 2 cents to 60 cents yesterday.
Infratil Ltd. (IFT): The shares climbed 1.2% to $1.65 yesterday, its second daily advance after the biggest shareholder in Australian alternative energy group Energy Developments pledged support for a A$431 million takeover bid from a group affiliated to private equity firm Pacific Equity Partners.
OceanaGold Corp. (OGC): Gold rose to a new record above US$1,200 an ounce, propelled by a weakening greenback, which spurred demand for the precious metal as an alternative investment. The owner of the Macraes gold project jumped 23 cents to $2.35 yesterday.
Restaurant Brands (RBD): The fast-food chain “is definitely turning itself around, and that’s primarily on the back of their KFC chain” said Craig Brown who helps manage $3.3 billion at ING New Zealand. Last week the operator of KFC, Pizza Hut and Starbucks coffee outlets bumped up its full-year profit guidance by 50% to $17.5 million, citing better trading conditions. The shares climbed 11% to $1.62 yesterday.
Ryman Healthcare (RYM): Research firm Morningstar lifted its 2010 underlying net profit forecast to $58 million from $56 million and said Ryman “commands a strong position” in New Zealand’s retirement village sector. The shares rose 3.5% to $2.06 yesterday.
(BusinessWire)