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


Stocks to watch: Auckland Airport, GFF, RYM, TWR

Stocks to watch: Auckland Airport, Goodman Fielder, Ryman, Tower

Dec. 11 (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: The kiwi dollar edged up to 73 U.S. cents on the prospects of the central bank raising interest rates in the middle of 2010, earlier than it has previously flagged. Stocks rose on Wall Street after government figures showed the trade deficit unexpectedly narrowed in October.

Auckland International Airport Ltd. (AIA): The country’s major gateway has revised its guidance to the top of its forecast full-year earnings of between $93 million and $100 million, amid gains in passenger numbers over the past three months. The airport yesterday voiced its displeasure about proposed legislation to let the new Auckland authority avoid making a takeover offer when it consolidates the assets of Auckland and Manukau city councils. The shares climbed 1.6% to 1.86 in trading yesterday.

Goodman Fielder (GFF): The shares fell 4.8% to $1.98 on the NZX yesterday after the biggest bakery company in Australasia announced the U.S. conglomerate Cargill has agreed to buy its edible oils unit, its biggest business after baking, for A$240 million.

Ryman Healthcare (RYM): The rest-home operator said it has benefited from the financial crisis, which has reduced rivals’ access to capital while it has been able to continue building new units apace. “We are very pleased with our performance in the first half and we expect to match this performance in terms of realized profits in the second half,” chairman David Kerr and chief executive Simon Collins said in a joint statement in the company’s first-half report. The shares were unchanged at $2.08 yesterday.

Team Talk (TTK): The company’s mobile radio business has few direct competitors, solid earnings and strong cash generation, brokerage McDouall Stuart says, according to the ShareChat website. The only rival of scale is Kordia, which has achieved only limited penetration, the report says. Team Talk shares rose 5 cents to $2.27 yesterday.

Tower Ltd. (TWR): The insurance company part-owned Guinness Peat Group has had its 2010 earnings forecast upgraded 16% to $54.6 million by a Forsyth Barr analyst, according to the Sharechat website. Analyst John Cairns boosted his valuation to $2.30 a share from $1.98, and rates the insurer as ‘accumulate.’ The shares slipped 2% to $1.95 on the NZX yesterday.

Warehouse Group (WHS): The biggest retailer on the NZX 50 yesterday said it was disappointed that mediated talks broke down with the National Distribution Union, which counts 1,800 of Warehouse’s 7,500 workers as members. Stores won’t be disrupted because the company is taking on an extra 1,700 workers for the Christmas rush, said HR director Paul Walsh. The stock fell 0.2% to $4.11 yesterday.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>