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Stocks to watch: Air NZ, Allied Farmers, GMT, NZO

Stocks to watch: Air NZ, Allied Farmers, Goodman Property, NZO

Dec. 15 (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 government releases its Budget Policy Statement and half-year financial statement today, which will show how tax revenue is tracking and show the track of increased debt. Shares gained in Europe and the U.S. after Abu Dhabi came to the aid of Dubai with a US$10 billion lifeline, including US$4.1 billion for bondholders of Dubai World’s Nakheel unit.

Air New Zealand (AIR): The national airline seems to be managing its way through the recession Craigs Investment Partners analyst Geoff Zame said in Sharechat. The group’s load factor is up 3.3% to 80%, driven off a 10.3% reduction in capacity which exceeded a 6.4% reduction in demand. Its shares dropped three cents to $1.17 yesterday.

Allied Farmers (ALF): The finance group has traded at a record low in the run-up to this week’s vote by Hanover Finance investors on whether to accept Allied stock in lieu of their secured investments. The shares rose 5.3% to 20 cents yesterday.

Goodman Property Trust (GMT): The property investor yesterday said it has settled the sale of Aurecon House in Newmarket, Auckland, for $26.7 million. The shares rose 1.9% to $1.06 yesterday.

New Zealand Oil & Gas (NZO): The shares fell 5.2% to $1.63 yesterday, the biggest declined on the NZX 50, after announcing its 40% owned Albacore-1 well will be plugged and abandoned.

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PGG Wrightson (PGW): A successful rights issue for new shares ended yesterday, which should see share prices rise. The national stock and station company raised $180 million in the exercise, which will enable it to pay back $200 million to banks due in March 2010. Its shares rose 6.7% yesterday to 63 cents.

Telecom Corp. (TEL): After 14 hours of its flagship XT mobile phone network south of Taupo being down, the national phone company announced it was up and going by 6pm last night. The company will compensate more than 100,000 affected individuals in a yet to be decided manner. Its shares dropped two cents to $2.35 yesterday.

(BusinessWire)

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