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Stocks to watch: CCC, FPA, FBU, PEB, TLS, WTL

Stocks to watch: CCC, FPA, FBU, PEB, TLS, WTL

Sept. 2 (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: Traders are awaiting U.S. non-farms payroll data for August, which is expected later this evening New Zealand time, for signs of further deterioration in the world's biggest economy. Economists are betting 60,000 jobs were created in the month, down from 117,000 in July, according to Bloomberg. Global equities were mixed with investors nervous ahead of the employment data. Europe's Stoxx 600 rose 0.6% to 238.93, while on Wall Street the Standard & Poor's 500 Index fell 1.2% to 1,204.82. Commodities fell 0.6% to 340.65 as measured by the 19-commodity Thompson Reuters Jefferies CRB Index.

Cavotec MSL Holdings (CCC): The global engineering firm says its plans to delist from the NZX by Oct. 3 and begin trading on the NASDAQ OMX Stockholm on Oct. 19 after shareholders approved the move at a special meeting yesterday. The deal is contingent on gaining approval from European bourse operator and the High Court. CCC shares rose 1.9% yesterday to $2.70.

Fisher & Paykel Appliances Holdings (FPA): The whiteware maker announced that it may soon appoint a second woman to its board, as pressure grows for New Zealand companies to start disclosing the gender composition of their senior management teams and boards. The announcement was welcomed by the New Zealand Shareholders' Association. FPA shares rose 1% to 49.5 cents yesterday.

Fletcher Building Ltd. (FBU): The construction firm's chief financial officer Bill Roest the government's decision to lift the price tag for the Christchurch reconstruction to $20 billion is closer to the company's original estimates, according to a report in The Australian newspaper. When the company was awarded the contract to act as project manager for the reconstruction of city the repair bill was $15 billion. FBU shares fell 0.9% yesterday at $7.75.

Pacific Edge Ltd. (PEB): The biotech company's shares have been placed in a trading halt so that it can complete a bookbuild for the remaining shares not taken up under its recent entitlement offer. PEB shares were last at 23 cents before they were suspended from trading.

Telstra Corp. (TLS): The Australian phone company's proposed national broadband network deal could deliver $4.7 billion more to shareholders than if it chose to compete against it, according to independent advisory firm Grant Samuel, quoted by Fairfax Media. The report comes ahead of next month's shareholder vote on Telstra's $11 billion agreement with NBN Co. TLS shares rose 1.6% yesterday to $3.88.

Windflow Technology Ltd. (WTL): The wind turbine manufacturer is going back to shareholders for more capital to fund the sale of its intellectual property, having exhausted $3.3 million raised in a $5 million offer of rights last November. Windflow says it will offer every shareholder, irrespective of their shareholding, a one-off parcel of new shares, valued at $15,000. No further details were disclosed. WTL shares were unchanged yesterday at 50 cents on the NZAX.

(BusinessDesk)

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