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

 

Stocks to watch: ANZ, DGL, HLG, MVN, NZO, PGC, TEL

Stocks to watch: ANZ, DGL, HLG, MVN, NZO, PGC, TEL

Dec. 8 (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 equity markets rallied after U.S. President Barak Obama looked likely to extend tax breaks for another two years, which investors saw as a shot in the arm for the world's largest economy. In late afternoon trade the Standard & Poor's 500 Index rose 0.4%, while in Europe the Stoxx 600 rose 0.9%. The New Zealand dollar declined amid speculation Ireland will not be able to implement its tough austerity budget, which slashes 15 billion euros of government spending over the next four years. The kiwi slipped to 76.02 U.S. cents from 76.23 cents yesterday. The Reserve Bank is expected to keep rates on hold at 3% when its releases its monetary policy statement tomorrow. Oil prices jumped above the US$90 mark for the first time in more than two years, with Brent Crude last trading at US$91.83 a barrel.

Australia and New Zealand Banking Group (ANZ): The lenders local unit said it plans to lend $3 billion to small and medium-sized businesses in 2011, on top of the expected $3.5 million needed to refinance existing customers. Shares rose 1% yesterday to $30.50.

Delegat's Group Ltd. (DGL): The wine maker yesterday increased its stake in takeover target Oyster Bay Marlborough Vineyards Ltd. to 74% after it lifted its bid last month to $2.08 from $1.80 a share. Independent directors, who have unanimously recommended shareholders accept the offer, said the closing date of Dec. 14 could not be extended unless the offer is declared unconditional by Delegat's. Shares rose 1.6% yesterday to $1.90.

Hallenstein Glasson Holdings (HLG): The clothing retailer told share holders at its annual meeting that sales had stalled for the first four months of the financial year as a hike in local consumption tax and rising Australian interest rates cut demand, with market conditions likely to remain challenging. Shares fell 3.1% yesterday to $4.07.

Methven Ltd. (MVN): The tap and bathroom fitting maker is rated a 'buy' according to Goldman Sachs & Partners analyst Adrian Allbon, quoted on the ShareChat website. He said operationally the company's strong performance in Australia in the first-half of the year was offset by flat growth in New Zealand and declines in the U.K.. However this is expected to change over the course of the year with the restructuring of U.K. operations already underway. Shares fell 1.9% yesterday to $1.62.

New Zealand Oil & Gas (Ltd): The energy and exploration group could be forced to write-off its 29% stake in Pike River Coal Ltd., with the company likely to face receivership after the explosion at its West Coast mine, according to press reports. Pike chairman John Dow said this week that the board wanted to get back in business, but it may cost as much as $200 million to reopen the mine after a series of blasts killed 29 miners. Shares were unchanged yesterday at 89 cents.

Pyne Gould Corp. (PGC): The financial services company came one step closer to transforming itself into a South Island bank after Southern Cross Building Society investors voted in favour of merging with the company's Marac unit and Canterbury Building Society. Shares rose 2.7% yesterday to 38 cents.

Telecom Corp. (TEL): A joint bid by the country's largest telephone company and Vodafone New Zealand Ltd. was on the three shortlisted for the for the government’s $300 million rural broadband initiative. The other contenders are Torotoro Waea and FX Networks/OpenGate. Binding contracts are expected to be signed in early 2011. Shares fell 1.4% to $2.15.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

RNZ: Porirua Most Expensive Region To Rent, According To Trade Me

A rental website shows this town is now New Zealand's most expensive region to rent a house, ahead of Wellington and Auckland cities. More>>

ALSO:


Stats NZ: Nearly 1,000 More Big Businesses Now Than Two Decades Ago – Media Release

There are now 2,690 big businesses in New Zealand employing more than 100 staff – nearly 1,000 or 58 percent more than 20 years ago, Stats NZ said today. Over the 20 years to February 2020, the total number of enterprises in New Zealand increased ... More>>

ALSO:

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:


CERT NZ: Malicious Computer Virus Targeting New Zealanders

CERT NZ, the government agency which supports organisations and individuals affected by cyber security incidents, says a recent surge of increasingly sophisticated malware attacks is affecting everyday New Zealanders as well as large organisations. The ... More>>

ALSO:

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>>