Wednesday 2nd September 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: Shares tumbled in the US and Europe, led by banks, amid concern earnings may falter. The kiwi dollar fell to 67.45 US cents. Milk powder jumped 24% in Fonterra Cooperative Group’s online auction this month, the second monthly surge, suggesting prices are recovering from their February lows.
Cavalier Corp. (CAV): The carpetmaker is rated a ‘hold’ by brokerage McDouall Stuart, according to the ShareChat website. The company will benefit from a recovery in the housing industry in Australia and New Zealand in the medium term. Its dividend is attractive, the brokerage said. The shares fell 1.6% to $2.51 yesterday.
Freightways (FRE): Australia’s Toll Holdings has entered the express package delivery market, taking on incumbents CourierPost and Freightways, which have 85% of the market, the Dominion Post reported. Toll's group general manager, Greg Miller, said Toll Ipec is targeting packages weighing between five kilograms and 25 kilograms with a fleet of 55 small trucks and vans. The shares fell 4 cents to $2.97 yesterday.
NZ Farming Systems Uruguay (NZS): The shares fell 2.4% to 41 cents yesterday, with some 35.7 million changing hands. NZX Regulation said it has referred concerns to the Securities Commission that the company’s financial statements included the phrase “fudge this,” in what appears to be an internal note inadvertently left in the published version.
NZX (NZX): The stock exchange manager yesterday said trading rebounded last month as debt securities continued to drive new sales this year and the average daily value traded climbed to its highest level since September last year. NZX fell 0.4% to $7.57 yesterday and has surged 57% this year, making it the second-most successful company on its own bourse.
South Porth New Zealand (STH): The Bluff-based port company said in its annual report that current economic indicators suggest “key global markets are starting to show modest signs of recovery and world equity markets are interpreting these signals as being positive in the medium to longer term.” The shares traded unchanged at $2.71 yesterday.
Windflow Technology (WFT): The pioneer two-bladed wind turbine maker tumbled 12% to $1.30 yesterday after warning that non-payment of invoices by its main client, New Zealand Windfarms (NWF), will "shortly become material" if further payments are withheld. Windfarms, which last week said there was an uncertainty about its ability to pay debts as they fall due, as it hadn’t finalized its funding strategy, sank 13% to 58 cents.
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