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Stocks to watch: BTU, WSI, PEB, TTK, TEL, THL

Stocks to watch: BTU, WSI, PEB, TTK, TEL, THL

Sept. 5 (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: New Zealand stocks may trade lower today after U.S. non-farms payrolls showed U.S. jobs growth stalled. Global equities fell sharply last week after official data showed the world's biggest economy added no new jobs in August, well short of the 60,000 forecast be a Bloomberg poll of economists. On Wall Street, the Standard & Poor's 500 Index fell 2.5% to 1,173.97, and Europe's Stoxx 600 Index closed 3% lower at 231.88.

Bathurst Resources Ltd. (BTU): The coal miner's plans to start open cast mining operations on the West Coast before the end of the year look unlikely, said Kevin Hackwell, a director of the Royal Forest and Bird Society, quoted by Fairfax Media. He cited the need to complete the appeals, public hearings, and other procedures required to allow the company to start mining on Department of Conservation land. BTU shares rose 0.8% on Friday to $1.21.

New Zealand Wool Services International Ltd. (WSI): The wool scourer and exporter said it had more than quadrupled its net profit, with earnings for the 12-months to June 30 coming in at $6.6 million, up from $1.1 million last year. That was due to a 33% increase in sales to $200.1 million as international demand for wool and a supply shortage helped bolster revenue. WSI shares rose 8% on Friday to 54 cents.

Pacific Edge Ltd. (PEB): The biotechnology company which makes cancer diagnostic tests said it has raised enough money to fund its expansion into the U.S., according to Fairfax Media. The company raised $11.4 million through a share placement and a three-for-seven rights issue, which between them saw a take up rate of 94.8%. PEB shares were unchanged on Friday at 23 cents.

Team Talk Ltd. (TTK): The owner of the CityLink fibre optic network fell 1.4% on Friday to $2.16 after Active Communications Ltd. sold just under two-thirds of its stake in the company, leaving it with 14.4% shareholding in the firm. Over $10 million worth of TTK shares changed hands, accounting for about 10% of total turnover on the main board of the NZX.

Telecom Corp. (TEL): The phone company's network unit Chorus says it will not unfairly offer volume discounts to the company's retail unit over its ultrafast broadband network. The announcement comes after the Commerce Commission said it would maintain oversight of the company's unbundled bitstream access service due to a lack of competition. The service allows rivals to buy wholesale data packages from Telecom and resell them in the retail market. TEL shares fell 3.8% on Friday to $2.40.

Tourism Holdings Ltd. (THL): The campervan rental company said it’s branching out of its traditional markets further, signing a contract to supply St. John with ambulances. The company’s Ci Munro subsidiary will supply the emergency services provider with customised vehicles for the next five years in a deal that is expected to see the first tranche of 50 new vehicles rolled out over the next 12 months, worth an initial $6.8 million. THL shares rose 1.6% on Friday to 62 cents.

(BusinessDesk)

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