Stocks to watch: Methven, Marlin, Guinness Peat

Wednesday 8th July 2009

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

Themes of the day: Stocks fell on Wall Street amid concern the second-quarter earnings season will show companies haven’t managed to stem the slide in profit and after an adviser to President Barack Obama suggested drafting plans for a second fiscal stimulus package. Crude oil extended its decline.

Charlie’s Group (CHA): Frucor Beverages, the juice maker owned by Japan’s Suntory Holdings, has sought antitrust clearance to acquire Simply Squeezed, adding to a stable of brands that includes V, Arano, Fresh Up, Just Juice, McCoy and Citrus Tree. Charlie’s stock was unchanged at 10 cents and has declined 9% in the past month.

Guinness Peat Group (GPG): The investment group is leading a protest by shareholders of 6%-owned UK brewer Daniel Thwaites over plans to sell its central London Stafford Hotel for about £75 million and is also preparing for a shareholder meeting of Australia’s CSR which will consider a proposal to demerge its sugar assets, the Sydney Morning Herald reported. The shares fell 1 cent to 67 cents yesterday.

Marlin Global (MLN): The investor in overseas stocks managed by Fisher Funds Management, rose 2.7% to 77 cents after the company said a shareholder, Gary Cross, was trying to muster the 5% shareholder support needed for a special meeting to vote on delisting and becoming an open-ended fund.

Methven (MVN): The manufacturer of taps and bathroom fittings said it will defend a prosecution by the Commerce Commission over allegedly misleading claims about its Satinjet twin jet showerware technology. The company said it doesn’t expect a material impact from the prosecution and stood by the integrity of its Satinjet products. The shares were unchanged at $1.30 yesterday.

New Zealand Oil & Gas (NZO): Crude oil extended its decline on doubts about the prospects of an early economic recovery as the Obama adviser raised the possibility of a second stimulus package. US crude futures slipped US$1.12 at $62.93 a barrel. NZOG shares rose 1 cent to $1.56 yesterday.

Rakon (RAK): The announcement of a downloadable TomTom application for the iPhone 3G is a “highly significant” development for Rakon, according to Tristan Joll, an analyst at Goldman Sachs JB Were, the ShareChat website reported. TomTom makes personal navigation devices and is a customer of Rakon’s crystal timing devices and oscillators. Joll rates Rakon a ‘hold.’ The shares were unchanged at $1.45 yesterday.

Xero (XRO): The shares of the online accounting software company rose 3 cents to $1.38 yesterday after the company named Microsoft Corp. executive Gary Turner as managing director for the UK, which accounts for about 40% of its customer base and includes relationships with British Telecom Group Plc and HSBC.

Businesswire.co.nz

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