Monday 16th February 2009 |
Text too small? |
Themes of the day: Shares of the UK's Lloyds Banking Group sank 32% on Friday after the bank said its HBOS unit had a pretax loss of 8.5 billion pounds last year, stoking speculation it will need more government assistance. Crude oil for March delivery rose $3.53 to $37.51 a barrel on the New York Mercantile Exchange on Friday.
Air New Zealand (AIR): Qantas Airways' Jetstar unit is planning to enter domestic routes on the main trunk lines, a move likely to spark a price war, according to the Dominion Post. The move would mark a return by Qantas after the parent pared back its services. Air New Zealand stock fell one cent to 94 cents on Friday and is up 3% this year.
Fisher & Paykel Appliances (FPA): Since reporting its interim result in November, the appliance manufacturer has seen a sharp decline in global sales for the April to January period, especially in North America where sales tumbled 13%. The depreciation of the New Zealand dollar has increased the level of debt on its books and it projects debt to rise to $570 million at the end of March. The company's stock fell 2% to $1 on Friday.
Fletcher Building (FBU): The Commerce Commission has given clearance to the country's largest construction company to acquire Stevenson Group's masonry assets in Auckland and Whangarei. Global steel demand may take "another quarter or so" and there isn't real demand yet, Paul Zuckerman, head of Fletcher's steel unit, said, according to Bloomberg. The shares gained 5.4% to $5.84 on Friday after the company held its dividends and said its balance sheet is strong enough to weather the downturn.
Pyne Gould Group (PGC): The investment group turning itself into a bank tumbled 7.7% to $2.40 on Friday after posting a first-half loss because its MARAC Finance unit called on a $25 million underwriting facility to cover impaired property loans. The South Island-based company expects a net loss of $13 million to $15 million for the six months ended December 31, the company said in a statement today.
Fisher & Paykel Appliances (FPA): The stock fell 5.6% to a new record low $1.02 yesterday extending their slide since Whirlpool Corp., the world's biggest appliances maker and its distribution and technology partner, posted a slump in earnings and said the global slowdown "had a significant impact on consumer demand in all parts of the world."
Metlifecare (MET): The retirement home operator yesterday announced plans to raise as much as $37.8 million selling shares via a rights issue at $1.08 apiece. It posted a $61.9 million first-half loss after reducing the value of its properties to reflect the downturn in the sector. The shares last traded on February 5 at $2.50 and are down 32% in the past three months.
Tower (TWR): The insurance and funds management group on Friday said demand for its 8.5% 2014 bonds meant the full amount is allocated prior to the offer opening today and the company will exercise its option to accept oversubscriptions of up to $20 million. The shares fell 2.5% to $1.55 on Friday.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes