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

Themes of the day: U.S. stocks rose, with General Electric jumping almost 10% after announcing it will maintain its dividend payments and Citigroup rebounded on the Federal Reserve's decision to extend terms of emergency loans.

Air New Zealand Ltd. (AIR): The national carrier may face tougher competition from its trans-Tasman rival as Qantas Airways Ltd. discusses a potential merger with British Airways Plc. The airlines would retain their brands as they minimise costs in the face of rising fuel prices. Air NZ stocks are currently at NZ$0.85, having fallen almost 55% over the last 12 months.

Fletcher Building Ltd. (FBU): A month after it began work on the Eden Park upgrade, the country’s largest listed construction company is now asking subcontractors, which make up almost three-quarters of its workforce, to resubmit their quotes as it looks to cut costs. The upgrade is expected to be completed by the end of 2010, and is the centerpiece for the 2011 Rugby World Cup. The company’s stock has fallen almost 55% in the last 12 months to NZ$5.38 per share.

L&M Petroleum (LMP): The energy explorer said it reached target depth of 330 metres in its Wairaki-1 coal seam gas exploration well. Initial results showed the Beaumont coals contain up to 1.25 m3 per tonne of methane gas. Samples are being sent for further analysis. The shares fell 4.8% to 10 cents yesterday and are up about 5% this year.

New Zealand Oil & Gas (NZO): Crude oil fell on concern a weaker U.S. economy will consume less fuel, while demand will wane in Europe and Japan. Crude for January delivery fell 4.7% to US$46.96 a barrel on the New York Mercantile Exchange, the lowest since May 2005. The stock fell 4 cents to NZ$1.26 yesterday and is up 10% this year.

Propertyfinance Group (PFG): The finance company had agreed to repay NZ$15 million of debenture stock principal by Dec. 21 as a condition of being removed from receivership. Yesterday the company said it had repaid NZ$7.2 million though it was unlikely to repay the balance before the first quarter next year. The shares last traded at 10 cents on July 25.

(Businesswire)

ENDS

© Scoop Media

 
 
 
Top Scoops Headlines

 

Fatuous Defence: Australia’s Guided Missile Plans

Even in times of pandemic crises, some things never change. While Australia gurgles and bumbles slowly with its COVID-19 vaccine rollout, there are other priorities at stake. Threat inflators are receiving much interest in defence, and the media ... More>>

Richard S. Ehrlich: Cambodia's Hun Sen Feels Politically Vaccinated

BANGKOK, Thailand -- When Cambodian Prime Minister Hun Sen received his AstraZeneca vaccination shot, he suddenly felt invulnerable and vowed to rule indefinitely. Hun Sen is already one of the world's longest ruling prime ministers, confident his successor ... More>>

Reese Erlich: Foreign Correspondent: My Final Column?

I’m dying. It’s not easy to write these words. But it’s true. More>>

Binoy Kampmark: Brawling Over Vaccines: Export Bans And The EU’s Bungled Rollout
The European Union has been keeping up appearances in encouraging the equitable distribution of vaccines to combat SARS-CoV-2 and its disease, COVID-19. Numerous statements speak to the need to back the COVAX scheme, to ensure equity and that no one state misses out... More>>

Jennifer S. Hunt: Trump Evades Conviction Again As Republicans Opt For Self-Preservation

By Jennifer S. Hunt Lecturer in Security Studies, Australian National University Twice-impeached former US President Donald Trump has evaded conviction once more. On the fourth day of the impeachment trial, the Senate verdict is in . Voting guilty: ... More>>

Binoy Kampmark: Let The Investigation Begin: The International Criminal Court, Israel And The Palestinian Territories

International tribunals tend to be praised, in principle, by those they avoid investigating. Once interest shifts to those parties, such bodies become the subject of accusations: bias, politicisation, crude arbitrariness. The United States, whose legal and political ... More>>