7 NZX Stocks Making Headlines Today- FCT, AGL, CEN, MEL, ERD, ZEL, PFI

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Stock market companies provide several updates to their investors owing to enhanced business opportunities, declaration of financial, a shift in management roles, ESG initiatives, etc. These declarations signal instrumental information for the stakeholders and can play a decisive role while contemplating to make an investment.

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On this backdrop, let us glance through the stocks that are creating ripples on NZX with their announcements.

F&C Investment Trust PLC

One of the leading investment companies, F&C Investment Trust PLC (NZX:FCT) declared its impressive audited results for the year ended 31 December 2020 on 10 March 2021.

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  • FCT reported its share price climbed from 765.0 pence to 787.0 pence and NAV per share with debt at market value increased from 753.90 pence to 831.78 pence.
  • The Trust announced to pay a final dividend of 3.4 pence per share in May 2021. Thus, bringing the total dividend to 12.1 pence per share for the year.
  • Beatrice Hollond, Chairman, FCT, revealed that the Board is focused on ensuring integration of Environmental Social and Governance factors (ESG) at all the levels of its investment processes by investing in companies that aim at sustainable growth. Therefore, FCT is steadfast to move its portfolio to net-zero carbon emissions by 2050.
  • Further, the Board witnessed the appointment of Quintin Price in March 2020 and Tom Joy on 1 January 2021. Also, it saw the retirement of Nicholas Moakes on 31 December 2020.

On 11 March 2021, at the end of the trading session, FCT stock traded flat at $14.900.

Accordant Group Limited

Accordant Group Limited (NZX:AGL) is New Zealand’s leading recruitment and resourcing company. The Group has 36 outlets across the country with 330 staffers and employs about 5000 temporary and contractual staff.

  • The Group has notified a change in its Management Board. The Group’s Company Secretary, David Lazarus will retire from AGL w.e.f. 31 March 2021.
  • In lieu of this, Commercial Director, Tony Staub will be the contact person.

On 11 March 2021, at the end of the trading session, AGL stock was down by 1.45% at $1.360.

Contact Energy Limited

One of NZ's leading electricity generator and retailer, Contact Energy Limited (NZX:CEN) has declared the closure of its non-underwritten $75 million retail offer, which was over-subscribed with about $230 million.

  • The above-mentioned retail offer was a part of CEN's capital equity raising, which was announced in February 2021.
  • Under this offer, new shares will be issued at $6.74 and the settlement would start on 12 March 2021 for its NZ shareholders.
  • Further, the Company also announced the departure of its Chief Customer Officer, Vena Crawley w.e.f. 1 April 2021.

ALSO READ: Want To Invest In NZX Stocks? Try These- SVR, CEN, TRA, BGI, HGH

On 11 March 2021, at the end of the trading session, CEN stock was up marginally by 0.28% at $7.090.

Meridian Energy Limited

Meridian Energy Limited (NZX:MEL) is NZ’s largest electricity generator and the leading provider of energy.

  • The Electricity Authority has proposed MEL to correct its 2019 UTS (Undesirable Trading Situation). According to the reports, few independent retailers complained that MEL had spilled water from its dams that could have been used to generate electricity, to raise electricity prices.
  • The Authority has levied a fine of $11.3 million on Meridian to reset spot market prices.

ALSO READ: Meridian Fined $11 million For Wasting Water, Contact Fined $5 million.

On 11 March 2021, at the end of the trading session, MEL stock was up by 3.46% at $5.568.

EROAD Limited

EROAD Limited (NZX:ERD) has announced a series of appointments in order to expand its management to assist its growth ambitions.

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  • The Company has appointed, Casey Ellis, as, President, North America, ERD.
  • Norm Ellis, has been given the role of Executive General Manager, Enterprise.
  • Further, ERD witnessed the appointment of Konrad Stempniak as General Manager, Australia.

On 11 March 2021, at the end of the trading session, ERD stock was down by 0.50% at $3.980.

Z Energy Limited

New Zealand's fuel distributor company, Z Energy Limited (NZX:ZEL) has declared its RC EBITDAF guidance falling amid $235 million to $245 million for FY21.

  • Surrounded with COVID-19 induced challenges and two recent lockdowns, Mike Bennetts, Z Energy’s Chief Executive stated that the Company remains focused on its improvement plan and aims at reducing the structural costs amounting to $48 million.
  • It is reported that the total group volume for February 2021 was down 11.9% on pcp.

ALSO READ: New Zealand’s 5 Stocks To Keep An Eye On in 2021- FPH, MFT, AIR, ZEL, SPK

On 11 March 2021, at the end of the trading session, ZEL stock was down by 3.62% at $2.660.

Property for Industry Limited

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NZ’s leading property vehicle specialising in industrial property, Property for Industry Limited (NZX:PFI) has released an update on its  ESG performance and strategy.

  • PFI aims to invest $2 million to reduce emissions from its HVAC systems.
  • Further, the Company is aiming to create a sustainable building design with Green Star Certification.
  • Also, PFI is focused on harnessing solar energy, thereby working towards tenant’s sustainability.

ALSO READ: NZ Real Estate Market Conditions And Related Stocks- PFI, SGP, IPL

On 11 March 2021, at the end of the trading session, PFI stock traded down by 0.18% at $2.795.

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