New Zealand’s 6 Most Discussed Stocks - AFT, ZEL, FCG, IKE, SAN, AMP

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New Zealand’s 6 Most Discussed Stocks - AFT, ZEL, FCG, IKE, SAN, AMP

 New Zealand’s 6 Most Discussed Stocks - AFT, ZEL, FCG, IKE, SAN, AMP

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Every day, few stocks witness a rise or fall due to numerous reasons like recent announcements like change in company’s management, political events, dividend declaration, etc. This keeps the stakeholders hooked and stay abreast with the latest updates about the Company’s progress.

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With this background, let us look at the 6 NZX stocks.

AFT Pharmaceuticals Limited

 

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Lately, AFT Pharmaceuticals Limited (NZX:AFT) entered into an agreement with Germany based Desitin Arzneimittel GmbH to commercialise and develop its orphan drug Pascomer® across 27 European Union countries and also Switzerland, Norway and the United Kingdom.

It is noted that the drug, Pascomer is being developed to treat facial angiofibromas which is a symptom of a genetic disease, namely, Tuberous Sclerosis Complex. A person’s appearance, vision and breathing are severely affected when suffering from facial angiofibromas.

Dr Hartley Atkinson, Managing Director, AFT expressed that its patented medicines, Maxigesic®, Pascomer and its hand sanitiser Crystawash® have been perceived well throughout the world.

On 18 March 2021, at the end of the trading session, AFT stock was up by 1.79% at $4.540.

ALSO READ: 5 Healthcare Dividend Stocks Turning Heads On NZX- OCA, PHL, AFT, EBO, FPH

Z Energy Limited

Wellington based fuel distribution company, Z Energy Limited (NZX:ZEL) announced the successful re-negotiation of debt covenant waiver with Trustees Executors Limited and USPP holders.

Following this, Z Energy can now start distributing full year dividend for FY21 to its shareholders, which is expected to range from 12 cps to 14 cps. This dividend will be paid in May 2021 to the shareholders.

It is noted that in May 2020, ZEL had availed a short-term waiver of certain debt covenants on a condition to halt shareholders distribution till 1 October 2021. However, owing to strong business performance, Z Energy is better place than anticipated in the current scenario.

On 18 March 2021, at the end of the trading session, ZEL stock remained unchanged at $2.92.

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

Fonterra Co-operative Group Limited

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NZ’s multinational dairy company, Fonterra Co-operative Group Limited (NZX:FCG) announced an impressive six month results ended 31 January 2021.

Despite COVID-19 related challenges, the Company remained focused and delivered total group normalized EBIT of $648 million, up 17%. Its total group normalised gross profit was reported at $1722 million, up 3% during the period.  The Company’s normalised gross margin for the group increased to 17.4%.  Also, normalized PAT was recorded at $418 million, up 43% on pcp.

Further, Miles Hurrell, Fonterra’s CEO assured the Farmgate Milk Price between $7.30 - $7.90 per kgMS and anticipates 25-35 cps as normalised earnings for the latter half of the financial year.

Moreover, the Board expects to pay an interim dividend of 5 cps on 15 April 2021.

On 18 March 2021, at the end of the trading session, FCG stock was up by 0.40% at $5.07.

ikeGPS Group Limited

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ikeGPS Group Limited (NZX:IKE) announced the departure of Bill Morrow, its non-executive director, on or before 30 April 2021.  Bill has now joined AT&T Inc. and assumed charge as CEO of DirecTV. However, he expressed that he would remain in touch with IKE in an advisory capacity.

Further, IKE’s Chairman, Rick Christie thanked Bill Morrow for his immense contribution towards the Company’s growth.

On 18 March 2021, at the end of the trading session, IKE stock was flat at $0.94.

Sanford Limited

Sanford Limited (NZX:SAN) is a New Zealand based fishing company founded in 1881. The Company has been severely impacted by the ongoing COVID-19.

Owing to lockdowns across the world, restaurants and other food businesses witnessed closures for most of the months. This had an adverse effect on Sanford’s business and revenues.

As a result, the Company was forced to maintain low inventory and reduced prices leading to low margins.

SAN’s Acting CEO, Andre Gargiulo, however, expressed that with the support of the lenders and enough debt capacity, the Company’s balance remained steady. The Company received $24 million on the sale of assets in Christchurch and Tauranga. SAN is aiming towards effective cost reduction and business improvement programmes.

On 18 March 2021, at the end of the trading session, SAN stock was up by 3.33% at $4.65.

AMP Limited

The financial services company, AMP Limited (NZX:AMP) recently announced its Annual General Meeting to be held on 30 April 2021.

Inspite of facing COVID-19 related challenges, the Company remained resilient and introduced several internal changes to cope up with the present situation.

  • During its half-year results the Board had announced special dividend of 10 cps, which was paid in October 2020. Further, it expects to declare final dividend to its shareholders in 2021.
  • AMP maintains a steady financial position with a surplus of A$521 million.
  • Further, the Company saw numerous changes in the Board with the resignation of David Murray, Director and John Fraser, Non-executive Director in August 2020. Also, Rahoul Chowdry, Michael Sammells and Kate McKenzie joined the Board in 2020.

On 18 March 2021, at the end of the trading session, AMP stock was flat at $1.53.

(NOTE: Currency is reported in NZ Dollar unless stated otherwise)

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