Tuesday 31st March 2009 |
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Themes of the day: Stocks tumbled in Europe and the US as the Obama administration gave General Motors and Chrysler a final chance to restructure their businesses or face bankruptcy. Banks fell after US Treasury Secretary Timothy Geithner said some lenders may require more funds. Crude oil dropped more than 7%. Today, the National Bank Business Outlook survey is released, which may show companies remain gloomy.
Auckland International Airport (AIA): A dispute between airlines over long-haul services is leaving the future of a portion of revenue for the gateway to New Zealand uncertain. Chief executive Simon Moutter said more than one airline is facing severe difficulties, in a presentation to investors. Its shares rose 0.6% to $1.71 in trading yesterday.
New Zealand Oil & Gas (NZO): Crude oil fell as sliding stock markets stoked concern demand for fuel will wane. Crude oil for May delivery fell 7.5% to US$48.45 a barrel on the New York Mercantile Exchange. The shares fell one cent to $1.35 yesterday.
Rakon (RAK): The maker of components for navigation systems may lead a decline in companies which get revenue in the US after the slump on Wall Street and ongoing concern about the health of the world's biggest economy. The shares rose two cents to $1.30 yesterday.
Rubicon (RBC): Knott, a series of associated investment funds managed and administered by Dorset Management Corp. has made an offer for a total of 8.83% of New Zealand-based developer of 70 cents per share. If the bid is successful, Knott and its associates will hold 28.31% of Rubicon. Its shares have shed almost 40% in the past 12 months, sliding to 55 cents.
Telecom (TEL): Communications and Information Technology Minister Steven Joyce announced the government wants to establish a Crown-owned investment company to drive the government's investment, and is seeking submissions on its proposal. The Crown Fibre Investment Co. will work with the private sector to deploy and provide access to fibre optic network infrastructure in the 25towns and cities covered by the government's $1.5 billion broadband roll-out. Shares in the largest listed company on the exchange rose 1.8% to $2.32 in trading yesterday.
Tourism Holdings (THL): The biggest campervan operator in the country plans to grow its Australian domestic market as demand for international tourism has dwindled in the global economic slump, the company said in its half-year report. Due to its high reliance on UK and German tourists, the New Zealand business faces a more difficult situation. The stock was unchanged on 48 cents yesterday.
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