Wednesday 14th July 2010 |
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OceanaGold rose to its highest level this week as gold futures reach a two-week high, Telecom has said its tax bill will increase by around $38 million this year, while NZ Oil and Gas holds ground as crude oil futures increase in the US.
OceanaGold (OGC): Gold futures rose above US$1,200 an ounce to close at a two-week high as rallying stocks and lingering fears of the flow-on effects of Europe's debt crisis stoked investors' appetite for the precious metal. Gold for August delivery rose 1.2%, to US$1,213.50 an ounce and earlier reached $1,216.75. The company rose to its highest level this month on Monday after confirming significant additional gold reserves in the Panel 2 Deeps area of the Frasers underground mine, in Otago. The shares were unchanged at $4.20 yesterday.
Telecom (TEL): The company said yesterday that its tax expense would increase by about $38 million this year and by up to $30 million in 2011 because of changes to tax rules. Adjusted earnings this year would be at the lower end of a range of $362 million to $402 million, it said. The stock rose 1 cent to $1.96 yesterday.
New Zealand Oil & Gas (NZO): US crude oil futures climbed almost 3% as better than expected US earnings helped drive up shares on Wall Street. Crude for August delivery rose US$2.20 to US$77.15 a barrel, the highest close since June 28. The shares were unchanged yesterday at $1.27 and have declined 24% this year.
Hellaby Holdings (HBY): The diversified investment group is rated a ‘buy' by Craigs Investment Partners, according to the ShareChat.co.nz website. Benefits from the emerging recovery should help lift earnings and that isn't currently reflected in the share price, it said. Craigs has a 12-month share price target of $2.24. The shares rose 2 cents to $1.77 yesterday.
Warehouse Group (WHS): Statistics New Zealand is scheduled to release May retail sales today, with a 0.6% increase forecast, according to a Reuters survey, after a 0.3% decline in the previous month. The shares were unchanged at $3.44 yesterday and have declined almost 16% this year. Briscoe Group (BGR) was unchanged yesterday at $1.23.
Renaissance (RNS): The computer retailer said revenue climbed 17% in the three months through March, reflected sales at its MagnumMac stores. The company, which is due to release its first-half earnings next month, said it has returned to profit six months earlier than expected as it reined in costs. The shares rose 1 cent to 26 cents yesterday.
Themes of the day: Stocks rallied on Wall Street after chipmaker Intel Corp. posted earnings that beat estimates, stoking optimism for the second-quarter earnings season. Healthy demand at an auction of 1.6 billion euros of Greek government bonds also helped lift investor confidence and appetite for riskier, or higher yielding assets. Retail sales data for May, out today, is forecast to show a return to growth after a decline the previous month. The kiwi dollar pushed above 72 US cents and traded recently at 71.91 cents.
Businesswire.co.nz
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