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


Stocks to watch: AIA, CEN, FBU, IFT, RAK, SCY

Stocks to watch: AIA, CEN, FBU, IFT, RAK, SCY

Dec. 22 (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: The New Zealand dollar held above 74 U.S. cents ahead of third quarter GDP data out later today. It was last trading at 74.11 U.S. cents. New Zealand’s economy probably grew 0.2% in the three months ended Sept. 30, according to a Reuters survey, as the recovery slowed through the second half of the year. Global equity markets continued their pre-Christmas rally. On Wall Street the Standard & Poor's 500 Index rose 0.3% to 1257.74, while in Europe the Stoxx 600 closed 0.1% higher at 281.45, its highest level this year. Oil rose to a two-year high, boosted by a drop in U.S. oil inventories and cold weather on both sides of the Atlantic. Brent Crude was last trading at US$94.42 a barrel.

Auckland International Airport Ltd. (AIA): The country's busiest gateway has signed up to Earthcheck, a global sustainable tourism certification scheme. The airport, which is currently rated at the benchmark bronze level, is looking to achieve silver certification. Shares were unchanged yesterday at $2.17.

Contact Energy Ltd. (CEN): New Zealand's third biggest listed company on the exchange announced its resource consents for the 250 Megawatt geothermal power station, Tauhara 2, have been granted, as signalled in a draft decision last month by the government-appointed board of inquiry. The consents are the first granted under fast-track provisions of the amended Resource Management Act, which allows projects of national significance to be heard and consented within nine months. Shares fell 1.1% yesterday to $6.17.

Fletcher Building Ltd. (FBU): Shares in Australian takeover target Crane Group were last trading at A$9.37, two cents higher than Fletcher's bid. New Zealand's biggest construction company offered A$9.35 per Crane share, comprised of one Fletcher share and A$3.43 in cash, conditional on reaching 90% acceptance. Today the Commerce Commission said Fletcher has sought antitrust approval for the deal. Shares fell 0.5% yesterday to $7.79.

Infratil Ltd. (IFT): The infrastructure investment group is to close its offer of 2016 bonds in January, four months earlier than planned, due to strong demand and is mulling a further issue of 2017 debt. The Wellington-based investment group expects to sell $75 million to $100 million of June 15, 2016, bonds paying a coupon of 8.5%. Shares were unchanged yesterday at $1.92.

Rakon Ltd (RAK): The lack of currency hedging by the crystal oscillator manufacturer is likely to offset any benefits from its new plant in China and growing demand for femtocells, according to Craigs Investment Partners, quoted on the ShareChat website. The plant, which comes online in early 2012, is expected to lower input costs by 40%, but at least some of that improvement is likely to be offset by the strong currency. The stock, which the advisor rated as "hold", were unchanged yesterday at $1.16.

Smiths City Group (SCY): The owner of home appliances retailer L.V. Martin & Son reported a 22% drop in profit to $790,000 for the six months to Oct. 31. Revenue for the period came in at $109 million, down 2.7% compared to the same period previously. A dividend of 1 cent was declared, payable on Feb. 11. Shares were unchanged yesterday 31 cents, and last traded on Dec. 1.


© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>


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>>


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>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>


Electricity: New Zealand Remains In Top 10 For Energy Balance

The World Energy Council’s Energy Trilemma Index has become part of the energy dialogue both globally and in New Zealand. The Index illustrates the need for countries to balance energy security, energy equity and environmental sustainability. New Zealand ... More>>


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>>


Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>