Global markets traded in a tight range overnight, with shares on Wall Street mixed during quiet trading as a slide in energy stocks offset gains in the technology sector as investors readjust their stock holdings.
Closer to home, the Australian dollar fell sharply following a slightly softer-than-expected GDP (economic growth) print for the third quarter of 0.6%, with the annual rate also coming in slightly below economist expectations at 2.8%. We are not overly concerned by the figures particularly as GDP data is backward looking.
Stock in Focus: Tegel (TGH:NZ / TGH:AX)
After recovering from lows hit earlier this year, shares in Tegel tumbled yesterday following the release of first half 2018 profits which disappointed the market.
New Zealand's biggest poultry producer increased sales and recorded an improved gross margin in its first half, while higher expenses pushed profit down 2.3%. Sales rose 2% to $302 million as Tegel lifted overall processed poultry volume...
Stock Markets, Simplified.