MARKET COMMENT: NZX-50 Likely Flat; Focus On Results - HHG
19 February 2013 - 8:29AM
Dow Jones News
2058 GMT [Dow Jones] The NZX-50 is likely to be relatively flat
in the absence of cues from offshore markets, says Hamilton Hindin
Greene broker Grant Williamson. Investors will continue to focus on
company results, he says. Contact Energy (CEN.NZ) could see some
interest after it reported a 29.4% on-year rise in 1H net profit to
NZ$88 million. "It is a good result considering the weakness in the
household electricity prices that we have experienced over the
period," Williamson says. He notes that Sky City (SKC.NZ) could
attract some investor interest with an auditor-general's report on
its planned Auckland international convention center due. Telecom
(TEL.NZ) could also attract some interest after the company and
Vodafone Group PLC's (VOD.LN) local unit signed a non-binding
memorandum of understanding to invest in the construction of a new
submarine telecommunications cable. The NZX-50 ended 0.4% higher
Monday at 4214.479. (arpan.mukherjee@wsj.com)
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