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

Dec. 2 – The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.

Themes of the day: Stocks on Wall Street tumbled after Federal Reserve Chairman Ben Bernanke said the world’s biggest economy will probably stay weak and he has limited scope to cut interest rates further. In New Zealand, economists have increased their predictions for a central bank rate cut this week, which may be as big as 150 basis points.

Apple Fields (APF): The company posted a full year loss of NZ$1.58 million, reflecting a writedown of sections at its Akaroa project and a dispute over its residential development in the Christchurch suburb of Yaldhurst. Apple Fields posted a profit of NZ$1.24 million last year. The stock last traded at 11 cents on Nov. 24 and is up almost 40% this year.

Dorchester Pacific (DPC): The finance company’s stock slumped 50% to 10 cents yesterday after it posted a first-half loss of NZ$35 million, reflecting a write-off of its stake in ailing finance company St Laurence and an impairment charge against assets. Dorchester needs support from investors for a deferred repayment plan if it is to avoid being placed in receivership.

New Zealand Oil & Gas (NZO): OPEC delayed a decision on whether to cut output to give itself time to assess the impact of its 1.5 million-barrel-a-day output cut agreed to in October. Crude oil for January delivery fell 8.6 percent to US$49.73 a barrel on the New York Mercantile Exchange. The stock traded at NZ$1.30 yesterday.

Pike River Coal (PRC): The coal miner yesterday fell 2% to 98 cents amid signs that coking coal prices will fall as demand from steelmakers abates. Prices may fall to US$200 a metric ton in the year starting April 1, from US$300 a ton this year, according to a Bloomberg survey of analysts.

Telecom Corp. (TEL): Privately-held Pacnet is offering $US420 million for Telecom’s AAPT unit to build up its Asia-wide network, according to media reports. Telecom bought AAPT in 1999 and has since slashed its value to just NZ$270 million. The shares fell 16 cents to NZ$2.33 yesterday and are down more than 45% this year.

TrustPower Ltd. (TPW): the utility said its offer of unsecured subordinated 2015 bonds closed early after being fully subscribed. The Company said it is very pleased with the investor response and the company continues to have a solid funding position to support future growth. The stock was at NZ$6.80 yesterday and has fallen 22% this year.



© Scoop Media

Top Scoops Headlines


Richard S. Ehrlich: U.S. Sees "Threat" In The Golden Triangle

In Southeast Asia's crime-infested Golden
Triangle, Chinese entrepreneur Zhao Wei is constructing a sprawling
casino resort and airstrip despite being sanctioned by the U.S.
Treasury Department as a "threat to the United States" because of his
"horrendous illicit activities"... More>>

Peter Dunne: The Steadily Eroding Sands Of Credibility

The ever-shifting sands of the Covid19 vaccination programme are increasingly eroding the credibility of this government.
In January the Prime Minister proclaimed that 2021 would be the “Year of the vaccine” – much the same way as she had promised 2019 would be the “Year of Delivery... More>>

The Conversation: Aggressive Marketing Has Driven The Rise Of The Double-cab Ute On New Zealand Streets — Time To Hit The Brakes?

Explore your inner beast.” That was the slogan used last year to sell the Ford Ranger. At 2.4 tonnes, that’s a lot of “light” truck, but the stakes are rising. This year, the 3.5 tonne Ram 1500 “eats utes for breakfast”... More>>

Podcast: Buchanan + Manning On Cyber-Attacks And The Evolution Of Hybrid Warfare

Paul G. Buchanan and Selwyn Manning present this week’s podcast, A View from Afar with a deep-dive into cyber-attacks and hybrid warfare – Especially how 2021 has witnessed a Cold War II styled stand-off between global powers... More>>

Climate Explained: Is New Zealand Losing Or Gaining Native Forests?

Apart from wetlands, land above the treeline, coastal dunes and a few other exceptions, New Zealand was once covered in forests from Cape Reinga to Bluff. So was Europe, which basically consisted of a single forest from Sicily in southern Italy to the North Cape in Norway, before human intervention... More>>

Sydney Mockdown: The Delta Variant Strikes

It is proving to be an unfolding nightmare. For a government that had been beaming with pride at their COVID contract tracing for months, insisting that people could live, consume and move about with freedom as health professionals wrapped themselves round the virus, the tune has changed... More>>