Tuesday 13th January 2009 |
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Themes of the day: Investors get a snapshot of the state of business sentiment, with the release of the Quarterly Survey of Business Opinion for the fourth quarter.
Some economists predict extended gloom from companies. Stocks on Wall Street dropped amid concern companies are set to post weak fourth-quarter earnings and as a drop in the price of crude oil weighed on energy shares. Prime Minister John Key has called senior ministers to a meeting Thursday to discuss its response to the deteriorating economic outlook.
Auckland International Airport (AUA): The nation's busiest gateway opened its sale of $50 million of five-year bonds that pay interest of 7.25% after investors flocked to its last sale in November. The debt is rated A by Standard & Poor's. The airport's shares were unchanged at $1.71 yesterday and are down 12% in the past six months.
Fletcher Building (FBU): Auckland property prices fell last month and the average price dropped from the same month of 2007, according to Barfoot & Thompson, the city's biggest real estate firm. Shares of New Zealand's largest construction firm fell 3 cents to $5.95 yesterday.
Goodman Fielder (GFF): The foodmaker's NZX and ASC listed shares went in opposite directions yesterday after the company confirmed first-half profit fell 15% because of a delay in recouping rising ingredient costs. The company expects an improved second half as commodity prices abate. Its ASX stock fell 3% to A$1.45 and its NZX listed shares rose 4.9% to $1.72, leading the NZX 50 higher.
New Zealand Oil& Gas (NZO): Crude oil for February delivery fell 6.8% to US$38.07 a barrel on the New York Mercantile Exchange. Oil has dropped about 60% in the past 12 months. Shares of NZOG were unchanged at $1.24 yesterday.
Telecom (TEL): Shares of New Zealand's largest phone company rose 2.5% to $2.47 yesterday after the company announced the end of Ferrit, its three-year foray into an online retailing platform. Tough retail conditions mean the business wouldn't break even for "a number of years," said Alan Gourdie, Telecom Retail chief executive.
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