Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Stocks to watch: FPA, FBU, MVN, NAP, NZO, TWR

Stocks to watch: FPA, FBU, MVN, NAP, NZO, TWR

Nov. 29 (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 equities closed the week softer as risk appetites waned on speculation that Ireland's debt crisis will spread to Europe's other precariously balanced states, and increased tensions between North and South Korea following an exchange of artillery fire. The Standard & Poor's 500 Index fell 0.8% on Friday to 1,189.40, while in Europe the Stoxx 600 fell 0.4% to 266.60. The New Zealand dollar continued to come under pressure, and fell as low as 74.81 U.S. cents from 75.51 cents on Friday in New York, and recently traded at 75.07 cents. Today’s National Bank Business Outlook is expected to continue its gradual trend higher. Government data today is expected to show a trade deficit of $438 million in the month of October, according to a Reuters survey.

F&P Appliances Holdings (FPA): The whiteware maker lowered full-year EBIT guidance from appliances to a range of $28 million to $35 million, from the $45 million-to-$52 million range. Chief executive Stuart Broadhurst said that while the balance sheet remains strong, "market conditions remain challenging". Shares fell 6.7% on Friday to 56 cents.

Fletcher Building Ltd. (FBU): New Zealand's biggest building company is rated as 'hold' by Aegis Equities analyst Nachiket Moghe, quoted on the ShareChat website. He is forecasting net profit will rise to $345 million for the year ending June 2011 from $272 million the previous year, and compares with Fletcher's range of between $311 million and $405 million with the average being $357 million for the same period. Shares fell 0.7% on Friday to $8.04.

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.

Methven Ltd. (MVN): The tap and bathroom fittings maker lifted net profit by 8.3% to $4.5 million before U.K. restructuring costs for the six months to Sept. 30. The result was based on operating revenues of $62.8 million for the period, down 7.7%, and earnings before interest tax depreciation and amortisation of $8.8 million, up 3.4% compared the same period in the previous year. Share fell 1.2% on Friday to $1.63.

National Property Trust (NAP): More than 99% of the property investors’ unit holders voted in favour of stripping the management contract from a unit of the failed St Laurence group and internalising it. The deal will cost $16.3 million to redeem and cancel the manager’s units next month, with a further $2.5 million buy out the contract. Shares fell 1.9% on Friday to 52 cents.

New Zealand Oil & Gas Ltd. (NZO): The energy exploration and production company last week released the $12 million balance of a $25 million short-term funding facility to Pike River Coal Ltd., whose mine near Greymouth suffered its fourth explosion over the weekend and holds the bodies of 29 dead miners. Shares fell 2.1% on Friday to 92 cents.

Tower Ltd. (TWR): The insurance company controlled by Guinness Peat Group lifted net profit 16% to $58.1 million for the year to Sept.30, as it boosted operating revenue 17% to $564.2 million while clamping down on net claims expenses, which rose just 1.8% to $274.9 million. Total expenses rose 11% to $467.8 million with management and sales expense falling 4.7%. Shares rose 4.2% on Friday to $1.99.

(BusinessDesk)

© Scoop Media

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

 
 
 
 
 
 
 
 
 
 
 
 
 

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.