Tuesday 27th October 2009 |
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The following stocks may be active on the New Zealand exchange after developments since the close of trading Friday.
Themes of the day: Stocks fell on Wall Street and in Europe amid concern banks will need to raise more capital and after ING Groep announced it would sell its insurance units and raise more funds. Investors are awaiting Reserve Bank Governor Alan Bollard’s review of monetary policy on Thursday, where he may hint at earlier interest rate increases. The kiwi dollar dropped to 74.70 US cents.
Genesis Research and Development Corp. (GEN): Sharesholders unanimously voted in favour of a new joint venture company to commercially advance novel technology. Solirna Biosciences, a JV with Japan’s MediBIC Group, will provide a research vehicle to create saleable applications for gene silencing technologies, such as could be used on cancer tumours. The shares soared 18% to 7.7 cents on Friday.
New Zealand Oil & Gas (NZO): The price of Brent crude oil fell 2.4% to US$76.64 a barrell. NZOG shares were steady at $1.72 on Friday, ahead of today’s AGM in Wellington. Pan Pacific Petroleum (PPP) fell 3.7% to 54 cents on Friday.
Pyne Gould Corp. (PGC): The Accident Compensation Corp. became a substantial security holder, with a 6.6% stake as a result of the company’s rights offer and placement. The shares fell 4.4% to 44 cents on Friday.
Restaurant Brands NZ (RBD): Future growth of the listed fast food and coffee company will continue to mostly come from its KFC outlets, according to First NZ Capital analyst Sarndra Urlich. With the transformed chicken outlet responsible for 70% of sales and 87% of operating profit, and 30 updated stores due in the next few years, Restaurant Brands could enjoy super growth from its KFC component. Shares rose 3.8% to $1.55 on Friday.
Telecom Corp. (TEL): Customers of the phone company’s Big Time all-you-can-eat broadband plan say accessing international websites has slowed and online gaming has become unworkable, according to the Dominion Post. The report cited a Telecom spokeswoman as saying high uptake of the plan caused some initial congestion this month. The shares rose 1 cents to $2.50 on Friday.
Turners & Growers (TUA): The horticultural distributor’s calls for the deconstruction of Zespri’s export monopoly got a boost with its release of excerpts of a Grant Samuel report that concludes Zespri has a worrying lack of transparency. The shares were unchanged at $1.25 on Friday, before the long weekend.
Businesswire.co.nz
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