Wednesday 23rd September 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: New Zealand’s economy shrank 0.1% in the second quarter, figures today are expected to show, an improvement from the first quarter’s 1% slump and possibly the last three months of the recession. Stocks on Wall Street rose on optimism the global economy is recovering, after Italy and Switzerland raised their growth forecasts, analysts upgraded U.S. stocks including JPMorgan Chase and the Asia Development Bank predicted stronger growth in Asia ex Japan. The kiwi dollar eased from a 13-month high and recently traded at 71.86 US cents.
Air New Zealand (AIR): The national carrier yesterday reported that passenger volume fell 3% in August, paced by the ongoing slump on long-haul routes, where numbers declined 16%. Short-haul passenger numbers eased 0.6% from the same month of 2008. The shares fell 0.8% to $1.20 yesterday.
Allied Farmers (ALF): The company said Fonterra’s increased payment forecast is “positive news for farmers and will bode well for rural services companies after a tough period of trading.” Chief executive Paul Macfie said “renewed optimism has crept in of late together with a lift in dairy prices.” The shares were unchanged at 30 cents yesterday, having tumbled 60% this year.
NZ Farming Systems Uruguay (NZS): The share surged 7.3% to 44 cents yesterday after Fonterra Cooperative Group raised its forecast milk payment citing the outlook for world prices.
Port of Tauranga (POT): The port company’s strong balance sheet, operating efficiency and the Port’s diverse cargoes make it “well-placed to ride out the uncertain short term and participate strongly in any export led recovery to the economy,” chairman John Parker said in the annual report. The stock dropped about 3% to $6.50 yesterday.
Rakon (RAK): The maker of components for navigation systems was halted from trading yesterday for a $65 million underwritten institutional placement and share purchase plan at a 26% discount. The shares last traded at $1.49.
Restaurant Brands (RBD): The holder of the New Zealand franchises for KFC, Pizza Hut and Starbucks today said sales rose 4.8% in the 16 weeks through September 14 to $96.9 million. KFC and Pizza Hut posted same-store sales growth, it said. The company reiterated its forecast for first-half profit to jump 87% to $8.7 million, excluding one-time items. The shares fell 2 cents to $1.23 yesterday.
Businesswire.co.nz
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