UPDATE: Tegel shares sink to record low as cheap chicken and rising freight costs trigger profit warning

Wed, 14 Dec 2016

(Recasts on share price, adds analyst comment, fixes forecast comparisons in 3rd paragraph) By Paul McBeth Dec. 15 (BusinessDesk) - Tegel shares sank to the lowest they've been since the poultry firm listed on the NZX in May after the company said it would miss its forecast earnings as a glut of chicken kept a lid on domestic prices and rising freight costs squeeze margins. The stock dropped 16 percent to $1.30, less than the $1.55 price sold in the initial public offering earlier this year. Tegel today said it expects annual unde...

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