MARKET CLOSE: NZ shares fall for second day as investors grow wary

Dan Brunskill
Thu, 21 May 2020

New Zealand shares fell for a second day as investors await earnings next week to gain a better sense of the economic outlook. The S&P/NZX 50 Index fell 56.51 points, or 0.52 percent, to 10,731.55. Within the index, 16 stocks rose, 25 fell and nine were unchanged. Turnover was $126.1 million. The benchmark opened stronger building on momentum from Wall Street’s overnight gains but fell away around midday when the Australian market weakened.     The S&P 500 and Dow Jones indices both closed more than 1.5 percent higher. At 5:30pm in Wel...
Finance
Regulator sues ANZ over credit card insurance
Dan Brunskill | Fri, 05 Jun 2020

The Financial Markets Authority has filed High Court proceedings against ANZ Bank New Zealand, alleging it charged some customers for credit card repayment insurance policies that offered those custom...

Markets
MARKET OPEN: Profit taking may be the flavour of the day, US jobs data in focus
Rebecca Howard | Fri, 05 Jun 2020

Weaker offshore markets may spill over into New Zealand as investors look to lock in profits after several positive days. Wall Street is set to end its four-day rally ahead of the May non-farm payr...

Infrastructure
Loss expected from NZ Steel on covid shutdown
Gavin Evans | Fri, 05 Jun 2020

BlueScope Steel’s New Zealand business could post its first half-yearly loss in four years on the back of the country’s strict covid-19 shutdown, Jarden analysts say. The New Zealand Steel and Paci...

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Telcos in lockdown, and beyond

Geoff Thorn, CEO, NZ Telecommunications Forum says modern connectivity was a major benefit during lockdown, so it’s important to ensure long term sustainability of the networks