Stocks to watch: AIA, FBU, NZE, NZO, PGW

Stocks to watch: AIA, FBU, NZE, NZO, PGW

July 15 (BusinessWire) – The following stocks may be active on the New Zealand exchange after developments since the close of trading in the last session. All prices are in New Zealand dollars unless specified.

Themes of the day: The Federal Reserve gave a downbeat assessment of the world’s largest economy, saying the outlook has softened, according to the Federal Open Market Committee’s minutes. Retail sales in the U.S. fell more than expected in June. Data out locally includes the Business New Zealand-BNZ performance of manufacturing index.

Auckland International Airport Ltd. (AIA): The nation’s largest gateway yesterday welcomed an announcement by Jetstar that it was adding to the number of flights to Queenstown from Melbourne and the Gold Coast and increasing its service via Auckland. The airport company has announced the acquisition of a quarter stake in Queenstown’s airport. The shares rose 1% to $1.96 yesterday.

Fletcher Building Ltd. (FBU): Fund manager AMP capital Investors trimmed its stake in the nation’s biggest construction company to 4.79% from about 5%, ceasing to be a substantial security holder, according to a statement yesterday. The shares rose 0.5% to $7.74 yesterday and have declined 4% this year, half the drop of the NZX 50 Index.

New Zealand Experience Ltd. (NZE): Almost three-quarters of the company that owns the Rainbow’s End theme park in Manukau is being put up for sale. Almost three-quarters of New Zealand Experience Ltd., which operates the Rainbow’s End theme park in Manukau, is being put up for sale. Canada’s Garlow Management Inc., the trustee for the Estate of George Ryerson Gardiner, told the company it wants to start sounding out expressions of interest for its 27.2 million shares, worth $8.7 million at its last trading price of 32 cents.

New Zealand Oil & Gas (NZO): The Kupe oil gas field holds substantially more light crude oil than previously estimated, as well as additional gas and LPG which will boost its value by more than $650 million at today's prices, NZOG, which owns 15%, said yesterday. The shares jumped 6.3% to $1.35.

PGG Wrightson Ltd. (PGW): The rural services company is gearing up to redeem some $412 million worth of bonds, debentures and bank funding in the coming year, and has asked investors in its listed-bond programme to accept a bid to extend the maturity date for another year. The bond would still be covered by the government’s deposit guarantee scheme. The shares fell 2 cents to 49 cents in trading yesterday, and have declined 12% this year.

(BusinessDesk)

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