Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search


Stocks to Watch: New Zealand Equity Preview

Stocks to Watch: New Zealand Equity Preview

Nov. 28 – The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.

Themes of the day: ArcelorMittal, the world’s largest steelmaker, plans to eliminate as many as 9,000 jobs, or 3% of its global workforce, reflecting a drop in demand as the global economy slows. Stocks in Europe extended their advance and the Dow Jones Stoxx 600 Index rose 2,4% to 203.62 on optimism government efforts to underpin the region’s economies and support its banks are starting to gain traction. Trading in New Zealand shares may be subdued as U.S. financial markets were closed for Thanksgiving Day.

Air New Zealand (AIR): The airline issued a statement confirming an Airbus A320 owned by the company and leased to Germany’s XL Airways for two-and-a-half years crashed into the Mediterranean Sea. The plane had undergone maintenance and was due to return to service in New Zealand at the end of the week. The company's stock has fallen 55% over the last 12 months, and was at 86 cents yesterday.

Allied Farmers Ltd. (ALF): Chief financial officer William Giesbers resigned yesterday after two years in the job. He is the third executive to leave in the past two months though he will continue with some consultancy work. In October, former chief executive David Bale resigned after two years and was replaced this month by Paul Macfie. Philip Anstey, general manager of the rural division, leaves on Nov. 30. The stock rose 5 cents to 85 cents yesterday and has tumbled 30% in the past month.

Fletcher Building Ltd. (FBU): Chief executive Jonathan Ling has the full backing of the construction company’s board, chairman Rod Deane said yesterday, according to the Dominion Post. The comment follows reports that some company executives opposed last year’s acquisition of the Formica business. The shares rose 2.3% to NZ$5.70 yesterday and have declined 50% this year.

Mowbray Collectables (MOW): The company yesterday reported profit rose to NZ$69,594 in the first half, from NZ$67,718 a year earlier. The New Zealand core business of stamp and coin sales traded in line with budget, it said. Export sales rose, helped by the weakening New Zealand dollar, it said. The stock traded at NZ$1.25 yesterday and is down 30% this year.

Oyster Bay Marlborough Vineyards (OBV): Chairman Bill Falconer told shareholders at their annual meeting this week that he plans to retire. The stock last traded at NZ$2.80 on Nov. 24 and is up about 4% this year.

Rakon Ltd. (RAK): The shares jumped 13 cents to NZ$1.32 yesterday, having slumped 40% in a month. The stock tumbled 24% on Nov. 14 after the navigation technology company posted a 66% drop in first-half profit and said second-half earnings would be about the same of less amid weaker world demand.

Warehouse Group Ltd. (WHS): Chairman Keith Smith said the company has decided to defer any capital management options because of instability in financial markets. He told shareholders at their annual meeting that Warehouse faced difficult trading conditions in the first quarter of the current year, with margins little changed from a year earlier. The stock rose 2 cents to NZ$2.52 yesterday and has fallen about 38% this year.

Widespread Energy Ltd. (WEN): Widespread Energy posted a first-half loss of $78,000 for the six months to Sept. 30, down 17% from the same period last year. The company is focusing its operations on its Chatham Rise rock phosphate project and petroleum exploration permits at Kotuku and on the West Coast. Its share price has fallen over 45% in the last 12 months and was last at 80 cents on Nov. 17.



© Scoop Media

Top Scoops Headlines


Reese Erlich: Foreign Correspondent: Trump Plays Both Sides Against The Middle

Is he a hawk? Is he a peacenik? The President keeps us guessing . By Reese Erlich President Donald Trump has convinced Republican isolationists and hawks that he supports their views. That’s a neat trick, since the two groups hold opposing positions. ... More>>

Binoy Kampmark: Waiting For The Old Bailey: Julian Assange And Britain’s Judicial Establishment

On September 7, Julian Assange will be facing another round of gruelling extradition proceedings, in the Old Bailey, part of a process that has become a form of gradual state-sanctioned torture. The US Department of Justice hungers for their man. The More>>

Gordon Campbell: On The Sorry Plight Of The International Education Sector

Tourism and international education have been two of the sectors hardest hit by the pandemic. They’re both key export industries. Yet the government response to them has been strikingly different. There has been nothing beyond a few words of ministerial condolence and a $51.6 million package (details below) to get the sector through the pandemic...

Binoy Kampmark: Google’s Open Letter: Fighting Australia’s News Media Bargaining Code

Tech giants tend to cast thin veils over threats regarding government regulations. They are also particularly concerned by those more public spirited ones, the sort supposedly made for the broader interest. Google has given us an example of this ... More>>

Gordon Campbell: On Trump’s Current Chances Of Re-Election

By now it seems clear that National have no fresh ideas to offer for how New Zealand could avoid the Covid-19 economic crisis. As in the past, National has set an arbitrary 30% ratio of government debt to GDP that it aims to achieve “in a decade or so,” ... More>>

The Conversation: Rogue Poll Or Not, All The Signs Point To A Tectonic Shift In New Zealand Politics

Richard Shaw AAP(various)/NZ Greens (CC-BY-SA)/The Conversation Strong team. More jobs. Better economy. So say the National Party’s campaign hoardings. Only thing is, last Sunday’s Newshub-Reid Research poll – which had support for the Labour ... More>>

The Coronavirus Republic: Three Million Infections And Rising

The United States is famed for doing things, not to scale, but off it. Size is the be-all and end-all, and the coronavirus is now doing its bit to assure that the country remains unrivalled in the charts of infection . In time, other unfortunates may well ... More>>

Binoy Kampmark: Altars Of Hypocrisy: George Floyd, Protest And Black Face

Be wary what you protest about. The modern moral constabulary are out, and they are assisted by their Silicon Valley friends in the Social Media club. Should you dare take a stand on anything, especially in a dramatic way, you will be found out ... More>>