Stocks to Watch: FPH, HBY, NZO, OGC, POT
Sept. 8 (BusinessDesk) – The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.
Themes of the day: Equity markets rose overnight and gold fell from record levels as investors cheered a court rejection of a lawsuit to block the Germany's participation in euro zone bailouts. Investors are waiting to see how many jobs were created in Australia in August. Investors expect that employment grew by 11,000 in August. The Bank of Canada and Swedish Riksbank both left rates unchanged overnight. The Standard & Poor’s 500 Index rose 2.9%, while Germany’s DAX 30 rose 4%.
OceanaGold (OGC): The largest gold miner in New Zealand will be included in the NZX 50 Index from Sept. 19. Inclusion in indices can make company's more attractive to institutional investors. Gold fell from record levels overnight as investors become more comfortable with risk. The shares were at $2.90 yesterday.
Port of Tauranga (POT): Following a run of positive announcements on earnings and new shipping services the Port of Tauranga, the country's biggest export port, has disclosed that its chief executive Mark Cairns purchased $163,000 worth of shares on market. The stock traded at $9.76 yesterday.
Fisher & Paykel Healthcare (FPH): The Department of Labour's mediation service will try to get the company and its unions to talks after the unions yesterday gave 14 days notice of strike action at the company's Highbrook plant in South Auckland. Yesterday the stock was at $2.15.
Hellaby Holdings (HBY): The diversified investment company will ask shareholders at its November annual meeting to boost its pool for directors’ fees to $475,000 from the existing $375,000 as it looks to add a trans-Tasman specialist to its board to aid growth in the Australian market. Hellaby said it doesn’t intend to lift individual directors’ fees. The stock was last at$2.68.
New Zealand Oil & Gas Ltd. (NZO): The Royal Commission of inquiry into the Pike River Coal mine explosions is continuing, with the current focus on the response to the event and mine safety. NZ Oil & Gas owned 30% of the Pike River project. The oil company’s stock traded at 69 cents yesterday.