Wednesday 29th April 2009 |
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The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.
Themes of the day: US consumer confidence climbed by the most in four years, adding to optimism the world’s biggest economy is close to its trough. Shares on Wall Street ended the session lower, with Citigroup and Bank of America sliding amid speculation Treasury stress testing will show some of the largest US lenders need more capital.
In New Zealand, merchandise trade figures and National Bank’s business confidence survey are due for release today, with the central bank expected to cut the official cash rate 50 basis points to 2.5% tomorrow.
Contact Energy (CEN): The shares slipped 0.9% to $5.55 yesterday after national grid operator Transpower reported an outage on the HVDC link that straddles Cook Strait because of a transformer fault at Benmore. Contact has been a leading critic of the decision to take down the aging Pole 1, limiting capacity and the ability to send power between the two islands.
Fisher & Paykel Appliances (FPA): The shares gained 2.3% to 45 cents yesterday after the whiteware manufacturer won an extension on its $80 million interim banking facility. The funding was extended until May 29 from April 30, giving the company more time to arrange a more permanent restructuring of its debt.
L&M Petroleum (LMP): The oil and gas explorer will push ahead with its assessment of coal seam gas pockets in Southland this year, with managing director John Bay yesterday giving an upbeat outlook to shareholders at their annual meeting. The shares were unchanged at 12.7 cents yesterday have jumped almost 50% this year.
PGG Wrightson (PGW): The nation’s biggest rural services company rose two cents to $1.27 yesterday. Fonterra Cooperative Group yesterday raised its forecast payment to farmers by 10 cents to $5.20 a kilogram amid “some encouraging signs of more stability” in global dairy prices.
Telstra (TLS): The Australian Competition and Consumer Commission yesterday rejected Telstra’s application for a A$30 monthly charge for the local loop service in metropolitan areas.
“The ACCC is not satisfied the $30 charge for metropolitan areas is reasonable,” ACCC chairman Graeme Samuel said. The charge is the rental price Telstra imposes on rivals for access to copper wire between exchanges and homes or offices. The shares were unchanged at $4.12 on the NZX yesterday.
Tourism Holdings (THL): The campervan rentals company is now focused on the 'free and independent traveler' market after restructuring in recent years, according to McDouall Stuart, the ShareChat website reported. “This segment is likely to offer the highest growth in the future and should boost opportunities in motor home rentals in both Australia and New Zealand," it said. The shares gained 4.4% to 47 cents yesterday, leading the NZX 50 higher
Businesswire.co.nz
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