Stocks to Watch: APN, BLT, FBU, KRK, OGC, POT, RAK
Sept. 9 (BusinessDesk) – The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.
Themes of the day: Investors are waiting to see the size of a job creation package expected to be announced by U.S. President Barack Obama at 11 a.m. New Zealand time today followed by Chinese CPI, industrial production and retail sales figures for August. Overnight the New Zealand dollar was firm against most currencies with the Australian dollar undermined by disappointing employment data and the euro hurt by a dovish statement by the European Central Bank as it left rates unchanged. Global equity markets were mixed to flat.
Fletcher Building (FBU): Building activity has plummeted to its lowest level in 10 years, according to Statistics New Zealand figures yesterday. The amount of all building work fell 6.6% in the June 2011 quarter, led by a decrease of 12% in residential building activity. Fletcher Building shares were unchanged at $7.73 yesterday.
Blis Technologies (BLT): Significant shareholders Eion Edgar and Tony Offen have applied to take up $500,000 in new shares as part of share placement offer to existing shareholders launched earlier this month and. Blis Technology shares were unchanged at 49 cents.
Kirkcaldie & Stains (KRK): The owner of Wellington's biggest department store said yesterday that June, July and August have been consistently better months for it, BusinessDay reported. Kirkcaldie & Stains shares were unchanged at $3 yesterday.
Port of Tauranga (POT): Inland freight hubs boost rail use and result in significant fuel savings and benefits for the environment, a study centred on Fonterra's Hamilton dairy freight hub has concluded, the Waikato Times reported. Port of Tauranga has an inland hub in Auckland. Port of Tauranga shares were unchanged at $9.65 yesterday.
Tourism Holdings (THL): The operator of campervan rentals said it was booked out in September during the Rugby World Cup but bookings fade near the end of the tournament in October when Auckland becomes the focus of the event, The New Zealand Herald reported. Tourism Holdings was unchanged at 62 cents yesterday.
Rakon (RAK): Rakon is expected to update shareholders at its annual meeting today. Rakon shares were unchanged at 74 cents yesterday.
APN News & Media (APN): The publisher of the New Zealand Herald will drop out of the benchmark index on Sept. 19 because it hasn't met liquidity levels needed for continued inclusion. OceanaGold (OGC), the largest gold miner in
New Zealand will be included in the index. APN was unchanged at $1.04 at yesterday and OceanaGold rose 4.8% to $3.04.