Wednesday 11th February 2009 |
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Themes of the day: Stocks on Wall Street tumbled on disappointment over lack of specifics in Treasury Secretary Timothy Geithner's revamped bank rescue package. The slump in stocks revived risk aversion and drove the New Zealand dollar down almost 2 US cents. New Zealand's government announced its $500 million plan to fast-track school, state housing and transport spending.
Fletcher Building (FBU): The country's largest listed construction company yesterday sold its Auckland head office for $36 million to property developer Carrus Corp., exceeding the asset's book value. Fletcher Building may post a 20% decline in first-half earnings tomorrow as it kicks off earnings season. It ended trading unchanged on $5.52 yesterday.
Kingfish (KFL): The exchange traded fund that invests in small cap stocks reported its net asset value fell 18% to 98 NZ cents in the final quarter of 2008. Since the start of the year the fund's stock has fallen 14 cents to 72 cents.
Kirkcaldie & Stains (KRK): Wellington's premier department store announced its half year profits to February 2009 are likely to be 50% lower than last year and it expects the tough retail environment to continue for the next 18 to 24 months. Among initiatives planned to cope with the downturn, it will review its trading hours and look to reduce costs. Its stock is sitting on $2.50, falling just over 20% in the last 12 months.
Metlifecare (MET): Managing Director of Fisher Funds Carmel Fisher identified its holding in the retirement home operator as the main cause for the fall in net asset value of Kingfisher Ltd. The first stage of Metlifecare's North Shore development which will see the creation of the country's largest retirement village has almost been completed. Shares in the retirement home operator are unchanged on $2.50.
NZX (NZX): The regulatory body of New Zealand's security trading has decided against raising the fees it charges companies that list with it due to the current economic climate. The NZX came under fire in 2006 when it floated plans to raise the fees, and said it would revisit the issue in 2009. The regulator's stock rose one NZ cent to $5.76 yesterday.
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