Why are the 5 stocks creating ripples on the NZX Board?

Summary

  • Turners Automotive Group released a letter addressing its shareholders about the Company’s impressive performance and emphasising the key areas which would steer its future growth.
  • AMP notifies its shareholders about a new addition to its Board.
  • Fonterra Co-operative Group affirms a reasonable and smooth transition to the new capital structure.

As investors take a plunge into another day of investing and trading in stocks, many companies have been hitting the board with their company announcements and the latest releases. On 28 June, the benchmark index S&P/NZX 50 at the time of writing declined by 0.16% at 12,605.280 points.

With this overview, let us take a closer look at the 5 NZX stocks which are creating ripples on the Board.

Source: Copyright © 2021 Kalkine Media

Turners Automotive Group Limited (NZX:TRA)

First on the list is the integrated automotive financial services firm Turners Automotive Group Limited, which deals in automotive retail, debt management services as well as finance and insurance. The Company has released a letter to its shareholders stating its remarkable performance in FY21, wherein the Company had delivered record dividends worth 20.0 cps for the year.

Looking ahead, TRA is focusing on the four keys areas which will supplement its revenue growth:

Source: Copyright © 2021 Kalkine Media; data source: NZX announcement dated 26 June 2021

At the time of writing on June 28, Turners Automotive Group rose by 1.334% at NZ$4.54.

Read: Will It Be An Action-Packed Week Ahead For NZX? 6 Interesting Stories To Catch Up With

Westpac Banking Corporation (NZX:WBC)

The financial services jumbo, Westpac Banking Corporation, in its latest announcement, revealed the successful navigation of the Company against the headwinds imposed by the pandemic. Its cash earnings improved considerably, which enhanced the Company’s financial strength. It has also revealed a key cost reduction programme that would systemically reduce its cost base to NZ$8 billion by 2024.

The shares of Westpac Banking Corporation at the time of writing on June 28 fell by 0.54% at NZ$27.65.

Don’t Miss: How Are New Zealand Banks Dealing With COVID-19 Impact? A Look At BNZ, ASB, ANZ, WBC, HGH

AMP Limited (NZX:AMP)

Another company offering financial services is AMP Limited. It has announced the appointment of an independent, non-executive director, Michael (Mike) Hirst, on its board, w.e.f. 1 July onwards.

It is pointed out that Hirst comes with more than 40 years of industry experience in varied senior executive leadership roles.

On 28 June, at the time of writing, AMP was down 1.56% at NZ$1.260.

Also Read: A Sneak Peek at 6 NZX Gainer and Losers Of The Day--ARB, SEK, AMP, ATM, MEE, CRP?

Fonterra Co-operative Group Limited (NZX:FCG)

Coming up next is Fonterra Co-operative Group Limited, which is New Zealand’s famous dairy sector company. In the latest communication to its farmers, the Company emphasised on the impact of share prices and assured its farmers of a fair and smooth transition to the new capital structure.

Further, more farmers’ meetings are in pipeline in the coming month of July.

Fonterra Co-operative Group at the time of writing on June 28 witnessed a jump of 1.85% at NZ$3.300.

Don’t Miss: New Zealand’s Dairy Sector fuels the Country's Economic growth

Tourism Holdings Limited (NZX:THL)

Last on the list is Tourism Holdings Limited, which is NZ’s leading tourism company. In a recent update on its FY21's earnings guidance, the Company stated that its earlier mentioned net loss after tax, between NZ$14 million to NZ$18 million, would now be on the lower side of the range, owing to its revaluation of investment in Action manufacturing.

Moreover, under the new provision, THL’s banking partners would now provide banking facilities up to NZ$250 million, which would constitute numerous tranches to mature between a period from June 2023 to June 2024.

At the time of writing on 28 June, Tourism Holdings dropped by 1.54% at NZ$2.560.

Must Read: Will The 6 NZX Stocks Help To Diversify Your Portfolio- THL, AMP, WDT, RUA, CBD, PEB?

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