Stock markets are quite volatile. Several variables influence them, including corporate announcements, changes in the federal government policy, natural disasters, investor attitudes, and exchange rates, among others.
Source: Copyright © 2021 Kalkine Media
Amid this backdrop, let us look at these 5 interesting stocks that created the buzz at NZX on Friday.
Telstra Corporation announced Friday that it would finalise its delisting from the NZX Main Board and will become a sole listing on the ASX from 21 June. Shareholders who hold Telstra shares on the NZX will be transferred to the ASX.
Telstra first announced its plans to delist from the New Zealand market in March. The decision was taken to simplify its shareholder services and ease its administration operations.
On 18 June, TLS ended the trading session flat at $3.85.
Good Spirits Hospitality Limited (NZX: GSH)
Good Spirits informed the market about its agreement to lease Auckland Viaduct, a premier site located in Auckland leading hospitality area. ATL has an initial term of 9 years with a renewal options of 2 x 3 years and will begin from September 1, 2021.
CEO Geoff Tuttle stated that the investment would provide GSH with a great chance to solidify its status as the Viaduct's premier hospitality provider. Further, it will provide substantial operational synergies by establishing 3 pillars for GSH in the area by using its current 2 outlets, Danny Doolan's and O'Hagan's.
On 18 June, GSH ended the trading session flat at $0.078.
Precinct Properties New Zealand Limited (NZX:PCT)
Precinct Properties stated today that it was looking to raise $250 million from investors to fund the acquisition of Bowen House, which is 31 years old, and, most likely, Freyberg Building, both in the government domain, in order to lower down its debt.
The equity raise will be done through $220 million placement and a non-underwritten retail offer of up to $30 million with the capability to agree to oversubscriptions.
On 18 June, PCT ended the trading session flat at $1.59.
Image source: Copyright © 2021 Kalkine Media
Air New Zealand provided a trading update on Friday. The Group revealed that domestic capacity now stood at 90% of pre-COVID-19 levels and there has been a strong recovery in corporate demand.
The airline has positive EBITDA since September 2020 and has been operating cash flow positive since Q2 FY21. Its performance has also benefited from the government's air freight assistance schemes, wage subsidies.
The Group expects losses before other significant items and taxation will not be more than $450 million for FY21. However, the outlook for FY22 remains uncertain.
On 18 June, AIR ended the trading session at $1.615, down 0.31% from its previous close.
T&G Global Limited (NZX:TGG)
T&G Global revealed on Friday that it had approved a final dividend of 6cps w.r.t FY20, due to be paid on 8 July. The Group’s Dividend Reinvestment Plan (DRP) will remain suspended and will not affect this dividend.
In May, the firm had also announced that Prof. Klaus Josef Lutz would step down from the company at the end of its AGM to be held on June 23, 2021.
On 18 June, TGG ended the trading session at $2.99, up 2.05% from its previous close.
(NOTE: Currency is reported in NZ Dollar unless stated otherwise)