The following stocks may be active on the New Zealand exchange after developments since the close of trading. All prices are in New Zealand dollars unless specified.
Themes of the day: New Zealand shares may be poised for further declines after a last minute meeting between Greece and international lenders to secure the next tranche of bailout funding did little to keep global equities out of the red. On Wall Street, the Standard & Poor's 500 Index fell 1% while Europe's Stoxx 600 closed 2.3% lower. The Reserve Bank of Australia will today release the minutes from its latest policy meeting, which is expected to reinforce its dovish view of the economy.
Fisher & Paykel Healthcare Corp. (FPH): About 900 workers at the breathing mask manufacturer's Highbrook plant in East Tamaki will be holding stop-work meetings before their planned strike action takes place tomorrow, according to a Fairfax Media report. The move comes after talks between management and unions broke down over pay increases and the length of the collective agreement. FPH shares rose 0.4% yesterday to $2.24.
Goodman Fielder Ltd. (GFF): The Australian food ingredient manufacturer rose 1.3% yesterday to 79 cents after recently appointed chief executive Chris Delaney said he is preparing to launch a strategic review to turnaround the flagging food ingredient maker’s fortunes. The plan, which should be completed by November, comes after the company last month posted a 17.3% decline in underlying annual net profit to $133.3 million.
Kathmandu Holdings (KMD): The outdoor clothing and equipment retailer is expected to deliver a 36% increase in full-year pre-tax earnings to $65 million tomorrow on the back of favourable weather on both sides of the Tasman, according to a research note by Goldman Sachs. KMD shares rose 2.9% yesterday to $2.11.
OceanaGold Corp. (OGC): After a meteoric rise on the back of the global volatility in August, gold is sitting out on the recent flight to safety as the rising U.S. dollar erodes the value of precious metal. The hedge asset recently traded at US$1,775.69 an ounce, down from US$1,822.59 yesterday. Shares in OGC, miner which does not operate a hedge book, fell 4.9% yesterday to $3.39.
Salvus Strategic Investments Ltd. (SAM): The investment company said its net asset value per share fell 3.4% in August after its equity holdings were dented by the U.S. credit rating downgrade and European sovereign debt fears. The company said it is hopeful of a turnaround, with the robust performance of the New Zealand share market likely to offset some of the impact from further negative shocks offshore. SAM shares were unchanged yesterday at 72 cents.
Satara Cooperative Group (SAT): The NZAX listed kiwifruit grower returned to profit in the first half, though the outbreak of Pseudomonas syringae pv actinidiae forced it to write-down assets by some $4.5 million. The company made a profit of $1.1 million in the six months ended June 30, turning around a loss of $279,000 a year earlier. Revenue climbed 9% to $33.8 million. SAT shares were unchanged yesterday at 55 cents.
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