Wednesday 10th November 2010 |
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Goodman Property Trust reported a 3.1% decline in distributable first-half earnings, SkyCity confirms it made a cash offer for the remaining 50% stake in Christchurch Casino and OceanaGold shares climb as gold hits a new record high.
Goodman Property Trust (GMT): The property trust posted a 3.1% decline in distributable first-half earnings of $37.3 million, reflecting higher financing costs. Including a $131.7 million one-time deferred tax charge, the trust recorded a net loss of $100.8 million. Sales were little changed at $53.1 million. Full-year earnings per unit were likely to be about 8.6 cents, at the low end of its May guidance of 8.6 to 8.8 cents, reflecting “the low growth operating environment and the impact of recent refinancing and investment activity.” The units fell 1 cent to 98 cents yesterday.
New Zealand Oil & Gas (NZO): The price of crude oil reached the highest level in two years on the New York Mercantile Exchange. The International Energy Agency said crude oil may reach US$100 a barrel in 2015 and US$200 in 2035, according to its long-term energy outlook. Shares of the oil and gas company fell 1 cent to $1.28.
OceanaGold (OGC): Shares of the gold miner have soared 100% this year as the price of gold rallied. Gold touched a new record high in New York as investors were drawn to precious metals amid fluctuating currency markets. The shares rose 2 cents to $4.75 yesterday.
SkyCity (SKC): The casino and hotel operator confirmed it has made a cash offer to buy the 50% of Christchurch Casino that it doesn’t already own from Skyline Enterprises. The offer has been rejected by Skyline’s board. The shares were unchanged yesterday at $3.22 and have climbed 10% in the past 10 days.
Telecom (TEL): The Commerce Commission released a report yesterday that said New Zealanders are paying an average of 26% more for telephone calls from landlines than in other developed countries. The regulator said the country's high monthly line rental charged by Telecom, the only operator with a nationwide network, led to the country's poor ranking among Organisation for Economic Cooperation and Development countries. Telecom’s stock rose 1.9% to $2.12 yesterday.
Themes of the day: Reserve Bank Governor Alan Bollard said at the release of the financial stability report today that the strong kiwi dollar is holding back the rebalancing of the economy. “If sustained, this will make the continued rebalancing of economic activity towards the tradables sector difficult to achieve,” he said. The kiwi dollar fell to 78.15 US cents from 78.34 cents immediately before the report was released, to be little changed from yesterday. The report said the country’s financial system is improving. Commodity prices rallied to a two-year high, based on the Thomson Reuters/Jefferies CRB Index of 19 raw materials. The index climbed 1.2% to 319.11 as volatile currency markets pushed investors to seek alternative assets. Copper for December delivery touched US$4.0475 a pound, a 28-month high. Spot gold reached a record US$1,420.90 an ounce while crude oil touched US$87.63 a barrel, the highest since October 2008.
Businesswire.co.nz
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