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

 

Stocks to watch: DPC, FBU, MFT, RYM, TEL, WFT

Stocks to watch: DPC, FBU, MFT, RYM, TEL, WFT

Nov. 15 (BusinessDesk) – The following stocks may be active on the New Zealand exchange after developments since the close of trading. All prices are in New Zealand dollars unless specified.

Themes of the day: Global markets steadied overnight on signs that Ireland is leaning towards accepting a bailout to prop up its ailing banks. In late trade the Standard & Poor’s 500 Index rose 0.01% to 1,178.46, while in Europe the Stoxx 600 ended 0.5% higher. The New Zealand dollar rose to 77.07 U.S. cents from 76.55 cents, after U.S. inflation data for October came in lower than expected at 0.2%. The data brings the annual inflation rate in the U.S., excluding energy and food, to just 0.6% – the lowest since records began in 1957. Statistics New Zealand is set to release third quarter Producer Price Index and Capital Good Price Index data today.

Dorchester Pacific Ltd. (DPC): The finance company which kept receivers at bay by convincing investors to swap their debt securities for a grab-bag of new securities, posted a first-half profit of $15.7 million in the six months ended Sept. 30, from a loss of $8.5 million a year earlier. Operating revenue tripled to $33.8 million, with $29 million coming from an item described as “Fair value adjustment – capital raising & capital reconstruction.” Shares were unchanged yesterday at 11 cents.

Fletcher Building Ltd. (FBU): New Zealand’s biggest construction company told shareholders at their annual meeting yesterday that rebuilding Canterbury after the earthquake and the government programme to fix leaky homes will be the impetus for growth in the construction industry. Profit in 2011 may be around $357 million, matching the average of analyst forecasts, from $301 million excluding a one-time tax charge last year. Shares rose 0.9% yesterday to $8.01.

Mainfreight Ltd. (MFT): The nation's biggest trucking firm posted a 52% jump in first-half profit to $16.5 million, before one-time items, on a stronger performance in the U.S. and Asia. The company raised its interim dividend by 0.5 cent to 9 cents and said sales and weekly trading results in October and November "are further improved raising our expectations for a strong third quarter." The shares rose 4 cents to $7.40 yesterday.

Telecom Corp. (TEL): New Zealand’s biggest telephone company yesterday said it has cancelled its dividend reinvestment scheme for the first quarter dividend because of share price uncertainty created by the delayed announcement of preferred partners for the government’s ultra-fast broadband project. Shares fell 4.1% yesterday to $2.11.

Ryman Healthcare Ltd. (RYM): First-half profit rose 25% to $36 million, a record for the company. Including unrealised valuation gains, net income was $52 million. The company raised its first-half dividend by 26% to 3.4 cents a share. “We are trading well and we are on track to achieve our target of 15% growth in realised profit for the full year,” chairman David Kerr said. The shares fell 3 cents to $2.16 yesterday.

Windflow Technology Ltd. (WTL): The Christchurch-based wind turbine manufacturer is looking at a $5.4 million equity-raising bid, said it sees fat margins both for itself under a British government subsidy scheme to encourage small-scale wind generation. The emergence of the British scheme has thrown Windflow a lifeline, as it has no forward orders beyond its sole customer, Te Rere Hau windfarm, where construction is almost complete. The capital-raising will be used to put foreign exchange hedging in place and strengthen its balance sheet. Shares fell 3.4% yesterday to 85 cents.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

RNZ: Housing Boom Could Get Worse, Economist Warns

Economists are calling on the Reserve Bank to reinstate lending restrictions, warning the housing market is spiralling out of control. More>>

ALSO:

Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>

ALSO:

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Economy: NZ Small Business Recovery Continues In September

Xero, the global small business platform, today released its Small Business Insights (XSBI) for September revealing an uptick in small business jobs and year-on-year revenue growth in New Zealand. Nationwide, the average number of jobs in the small ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO: