Monday 5th January 2009 |
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Themes of the day: Stocks rose in the U.S., Europe and Asia on Friday, while New Zealand's equity market was closed for the New Year's holiday, with the Standard & Poor's 500 Index gaining 3.2%. Crude oil rose US$1.41 to US$46.04 in New York amid increasing tensions between Israel and Palestine.
Fletcher Building (FBU): New Zealand's largest construction company fell 48% in the past 12 months on a weaker-than-expected performance from its Formica unit and a downturn in residential building demand in Australia and New Zealand. A slump in housing consents in New Zealand, which hit a record low in November, suggests 2009 "is going to be a very tough year," chief executive Jonathan Ling told the NZ Herald.
Metlifecare Ltd. (MET): The operator of rest homes tumbled 50 cents to NZ$2.50 in the final two weeks of 2008, extending its decline after suspending its dividends on Dec. 23 and announcing plans to raise as much as NZ$40 million selling shares, as the weakening economy weighs on the property market. The stock fell about 60% last year.
New Zealand Oil & Gas (NZO) The oil company's stock gained 2.4% to NZ$1.27 on Dec. 31. Since then the price of crude oil has extended its gains amid mid-east tensions and Russia's decision to halt gas supplies to Europe via Ukraine over a price dispute with its neighbour.
Nuplex Industries (NPX): The maker of resins and chemicals used in adhesives, paint and printing inks has sunk 55% in the past 12 months. A report on Friday showed Australian manufacturing contracted in December with a reading of 33.7, where anything below 50 indicates a contraction, according to a report by the Australian Industry Group and PricewaterhouseCoopers.
Telecom Corp. (TEL): Chief executive Paul Reynolds said the company's AAPT unit will be "generating cash" this year and will re-enter the market with advertising and promotions, according to a Q&A with the NZ Herald. AAPT "has become an attractive asset" and is generating interest from potential buyers, he said. The shares rose 1.8% to NZ$2.29 on Dec. 31 and have dropped 46% in the past 12 months.
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