Monday 22nd June 2009 |
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The following stocks may be active on the New Zealand exchange after developments since the close of trading Friday.
Themes of the day: International Monetary Fund First Deputy Managing Director John Lipsky on Friday said the IMF may lift its 2010 economic growth forecasts, adding to signs the global economic downturn may be abating. The kiwi dollar held above 64 US cents for a second day. Investors are looking ahead to current account figures on Thursday and first-quarter GDP figures due on Friday for signs of the health of the domestic economy. The 0.8% quarterly contraction is forecast, according to a Reuters survey.
New Zealand Oil & Gas (NZO): Crude oil fell more than US$1 a barrel amid signs of rising US stockpiles of gasoline. Inventories rose by 3.39 million barrels to 205 million last week, the US Energy Department said last week. Crude oil for July delivery fell 2.6% to US$69.55 a barrel on the New York Mercantile Exchange. The shares fell 1 cent to $1.59 on Friday and have gained 25% so far this year.
Lion Nathan (LNN): Japan’s Kirin Holdings gained approval under Australia’s foreign investor rules for its US$2.5 billion takeover of Australia's second-biggest brewer. The shares rose 8 cents to $14.38 on Friday on the NZX.
New Zealand Refinery Co. (NZR): The nation’s only refinery slipped 8.5% to $6.82 on Friday as investors pondered the prospects of Shell New Zealand selling its holding in the company.
Sky Network Television (SKT): The pay-television operator’s costs for equipment and programming are typically priced in US dollars, so the company benefits when the kiwi dollar is stronger. The currency held above 64 US cents, having climbed about 5% in the past month. The shares rose 4 cents to $4.35 on Friday.
Telecom (TEL): The nation’s biggest phone company fell 3% to $2.61 on Friday after rivals Orcon Internet and Vodafone New Zealand condemned the Commerce Commission’s final determination on the price of unbundling the sub-loop. Today the NZ Herald reported Telecom signed 25,000 customers to its XT network in the five days following its May 28 launch.
Tower (TWR): The insurer was downgraded to ‘accumulate’ from ‘buy’ by Morningstar, the ShareChat website reported. "We think management has executed well so far in getting the business back on track” with scope for further price increases. Still, “the health business witnessed a slowdown because of recessionary conditions as it is considered a discretionary product," Morningstar said. Morningstar forecasts a profit of $42 million this year, rising to $45 million next year. The shares fell 1.1% to $1.78 on Friday.
Businesswire.co.nz
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