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| Tough Times Fail To Deter Forest Investors |
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2004/2/4
A six-and-a-half year-high in the New Zealand dollar is cutting exporters' returns and some commentators think it may choke the economy, the NZ Herald reported. But the soaring New Zealand dollar is not depressing the share price of the country's biggest forestry exporters. Carter Holt Harvey's shares have risen 14 per cent in the past six months and Fletcher Challenge Forests' 17 per cent. The most unloved of stock market sectors is back in favour with investors, even as it faces the toughest of trading conditions, because companies are selling assets and returning money to shareholders.
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