Simon Hartley

Flat revenue for Steel and Tube was offset by a massive boost to after-tax profit - up 165% to $8.4 million - on the back of in-house cost-cutting and efficiencies.

International work underpinned a strong result for Mainfreight - which is now eyeing expansion into Europe and South America - booking increased profits, sales and strong freight volumes.

The proposed "heartland" bank will be applying for its banking licence in the second half of 2011, shortly after present 72% majority shareholder Pyne Gould Corporation distributes its stake to shareholders, sometime between April and June.

Investors will have another mining stock to consider next week, with the dual listing of Broken Hill Prospecting Ltd on Wednesday, which raised $A4.5 million ($NZ5.9 million) during its initial public offering.

Fletcher Building shares hit a three-month high yesterday as investors flocked to the stock, emboldened by the likelihood of a successful takeover of Australian competitor Crane Group.

Long-established Dunedin-based Beeby Construction was placed in liquidation yesterday.

Tourism Holdings has announced a $6.5 million profit downgrade and advised its bankers it will breach its banking covenants in the weeks ahead; prompting a bankers' review.

Fourth-quarter trading for retailer Briscoes underpinned increased annual sales which rose slightly from $416.7 million the year before to $419.3 million, for the year to the end of January.

Dual-listed Bathurst Resources is targeting two million tonnes' annual production of premium hard coking coal for export from the West Coast by 2013, rivalling its neighbour and state-owned enterprise Solid Energy.

Inaugural share trading was "steady" yesterday in Building Society Holdings Ltd, the parent company of the proposed "heartland" bank.

Political upheaval in Egypt has prompted massive sharemarket downturns, a spike in global oil prices and undermining of currencies worldwide.

Sydney-based Greywolf Goldmining - which is spearheading Chinese interests considering mining and energy investments in New Zealand - hopes to be fully permitted, funded and listed on the stock exchange by year end.

Shares in Building Society Holdings Ltd, the parent company of the proposed "heartland" bank, will begin trading on the stock exchange next week.

Solid Energy, which, contentiously, is looking at options to utilise vast reserves of lignite in Southland and Otago, has welcomed the Government announcement up to 49% of some state owned enterprises could be sold.

The gloss has dulled on Oceana Gold shares which have shed 33% in value following a stellar run to their high of $5.41 last September.