Thursday 13th August 2009 |
Text too small? |
The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.
Themes of the day: Earnings season continues with Steel & Tube, NZ Farming Systems and AMP Property Trust posting results today. The Federal Reserve kept interest rates and quantitative easing on hold, but picked up its outlook, boosting optimism the world is in recovery mode. The kiwi dollar jumped 1.2% on rising appetites for higher yields.
Cavotec MSL Holdings (CCC): The engineering firm that makes mobile power supply units reported a 29% slump in its new orders to 26.2 million euros for the three months ended June 30, while the total order book was down 17% to 44.4 million euros for the quarter. The company said it had seen a pick-up in activity over the past five weeks as some projects that had been put on hold were resumed. The stock slipped 0.7% to $2.88 on the NZX yesterday.
Fletcher Building (FBU): The nation’s largest construction company surged about 8% to $7.58 yesterday, the highest close since September 12, when Lehman Brothers collapsed. The company posted an annual net loss of $46 million, near expectations and is “strongly positioned for the economic recovery, when it comes,” chief executive Jonathan Ling said.
Contact Energy (CEN): The biggest utility on the NZX 50 fell 1.4% to $6.25 yesterday after a government-appointed panel recommended measures be taken to bolster competition in the retail electricity market, including allowing distribution companies such as Vector to retail more power than they produce themselves. Vector (VCT) was unchanged at $2.08.
NZ Farming Systems Uruguay (NZS): The developer of dairy farms in South America reports annual earnings today and is expected to post a loss of about $23 million, reflecting drought in Uruguay, weaker global prices for milk and the impact of delays in securing debt funding. The shares fell 1.9% to 52 cents yesterday.
Opus International Consultants (OIC): The company yesterday said first-half net profit fell to $5.1 million from $9.1 million a year earlier, reflecting the impact of the global financial crisis and economic downturn, especially in the UK and Australia. The announcement was made after the close of trading. The shares were unchanged at $1.29 yesterday.
Businesswire.co.nz
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes