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

Themes of the day: Reserve Bank Governor Alan Bollard slashed the official cash rate by a record 1.5 percentage points to 5% citing “ongoing financial market turmoil and the marked deterioration in the outlook for global growth.”

Briscoe Group Ltd. (BGR): Rival retailer Noel Leeming said it is quietly confident about sales through the peak Christmas period after the central bank cut the OCR to 5%, according to the New Zealand Herald. The stock traded at 76 cents yesterday and is down 46% this year. Warehouse Group (WHS), the biggest retailer on the NZX 50 Index, was at NZ$3.29 yesterday and has fallen 42% this year.

Delegat's Group (DGL): Competitor Babich Wines will be reviewing its growth strategies next year as the record cut of 1.5% to the official cash rate lowers bottle prices in overseas markets. Dave Babich of Babich Wines told BusinessDay that the record cut will let them cut their prices in the U.S. Delegat's posted a 77% increase in profit this year, which has seen its stock bounce back to NZ$2.10 from a low of NZ$1.50 in March.

Fletcher Building (FBU): The central bank’s rate cut may help reduce mortgage rates in New Zealand, where Fletcher is the biggest construction company. The stock rose to NZ$5.57 yesterday and has fallen more then 50% this year.

PGG Wrightson (PGW): the biggest rural services company on the NZX 50 yesterday fell 4.4% to NZ$1.53 after figures showed the ANZ Commodity Price Index declined 7.2% last month, stretching its four-month slide to 21%. The declining New Zealand dollar meant the local currency index fell only 1.8%.

Pyne Gould Corp. (PGC): The company that is transforming itself into a bank expects to report “a solid result for 2009,” chairman Sam Maling said in the company’s newsletter. Its MARAC finance unit is “in a strong position to meet the challenges of further uncertainty,” he said. The shares were unchanged at NZ$3.20 yesterday and are down about 14% this year.

Vector Ltd. (VCT): The power and gas utility said
The volume of electricity distributed through its Auckland network rose 0.5% to 2294.4 gigawatt hour in the third quarter from a year earlier. The volume was 2.1 % below expectations, it said today. The stock was at NZ$2.01 yesterday and is down 9% this year.

(Businesswire.co.nz)

ENDS

© Scoop Media

 
 
 
Top Scoops Headlines

 


Julian Assange: A Thousand Days In Belmarsh
Julian Assange has now been in the maximum-security facilities of Belmarsh prison for over 1,000 days. On the occasion of his 1,000th day of imprisonment, campaigners, supporters and kindred spirits gathered to show their support, indignation and solidarity at this political detention most foul... More>>

Binoy Kampmark: The Mauling Of Novak Djokovic
Rarely can the treatment of a grand sporting figure by officialdom have caused such consternation. Novak Djokovic, the tennis World Number One, has always had a tendency to get under skin and constitution, creating a large following of admirers and detractors. But his current treatment by Australian authorities, and his subsequent detention as an unlawful arrival despite being granted a visa to participate in the Australian Open, had the hallmarks of oppression and incompetent vulgarity... More>>

Binoy Kampmark: Voices Of Concern: Aussies For Assange’s Return

With Julian Assange now fighting the next stage of efforts to extradite him to the United States to face 18 charges, 17 of which are based on the brutal, archaic Espionage Act, some Australian politicians have found their voice. It might be said that a few have even found their conscience... More>>



Forbidden Parties: Boris Johnson’s Law On Illegal Covid Gatherings

It was meant to be time to reflect. The eager arms of a new pandemic were enfolding a society with asphyxiating, lethal effect. Public health authorities advocated various measures: social distancing, limited contact between family and friends, limited mobility. No grand booze-ups. No large parties. No bonking, except within dispensations of intimacy and various “bubble” arrangements. Certainly, no orgies... More>>

Dunne Speaks: Question Time Is Anything But
The focus placed on the first couple of Question Time exchanges between the new leader of the National Party and the Prime Minister will have seemed excessive to many but the most seasoned Parliamentary observers. Most people, especially those outside the Wellington beltway, imagine Question Time is exactly what it sounds... More>>



Gasbagging In Glasgow: COP26 And Phasing Down Coal

Words can provide sharp traps, fettering language and caging definitions. They can also speak to freedom of action and permissiveness. At COP26, that permissiveness was all the more present in the haggling ahead of what would become the Glasgow Climate Pact... More>>