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

Themes of the day: Trading banks in New Zealand lowered their floating and short-term fixed mortgage rates after the central bank cut the official cash rate yesterday. SBS Bank, based in Invercargill, cut its variable rate by 195 points to 7.2%. South Canterbury Finance yesterday said it sold all of its NZ$100 million of secured bonds without the need for a public pool.

Contact Energy Ltd. (CEN): State-owned Genesis Energy plans to hike electricity prices in Wellington by up to 17%, eclipsing the 10% increase for which Contact was roundly criticised in October. Contact's stock is currently at NZ$6.99, having fallen almost as low as NZ$6.25 last month.

New Zealand Oil & Gas (NZO): Crude oil fell below US$44 a barrel as the prospects of a prolonged slump in the world’s biggest economies, curbing demand for fuel. The price of oil may slide below US$25 a barrel in 2009 should the global downturn drive China’s economy into recession, according to a Merrill Lynch report. Crude oil for January delivery fell 6.2% to US$43.89 a barrel in New York. NZOG shares were unchanged at NZ$1.28 yesterday and have gained 10% this year.

PGG Wrightson (PGW): the rural services company’s finance arm yesterday said it had concluded the sale of NZ$100 million of secured bonds. PGG Wrightson Finance chief Mark Darrow said demand for the bonds “has been a strong expression of confidence in the Company”. The shares fell 5.2% to NZ$1.45 yesterday and are down 13% in the past month.

Sanford Ltd. (SAN): The fishing company’s stock is the stand-out performer on the NZX 50 this year, gaining 28%. Sales rose about 19% in the year ended Sept. 30. Still, the company last month said customers were under pressure to cut inventories and prices may fall for species with ample supply. The stock rose 1.9% to NZ$5.40 yesterday.

Tourism Holdings (RHL): The tourist operator with a fleet of campervans is the worst performer on the NZX 50 Index this year, falling 71%. Last month the company predicted a drop in profit this year from 2008’s NZ$14.3 million. The stock fell 1.4% to 70 cents yesterday.



© 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>>