MARKET CLOSE: NZ shares rise as local earnings salvage sentiment

Dan Brunskill
Fri, 31 Jul 2020

New Zealand shares rose as earnings updates from local firms and US tech companies outweighed data showing a record quarterly contraction for the US economy. Mainfreight hit an all-time high.  The S&P/NZX 50 Index advanced 35.61 points, or 0.3 percent, to 11,727.63. Within the index, 20 stocks rose, 22 fell, and eight were unchanged. Turnover was $155.9 million. The slump in the world's biggest economy put investors on edge, as they weigh up tepid US activity for the broader economy. However, the local market managed to shake that off wit...
Markets
MARKET OPEN: Kiwi holds its own as greenback falters, US equities push higher
Rebecca Howard | Thu, 06 Aug 2020

The kiwi dollar continues to hold its own as the greenback is weighed down by poor US data while the domestic share market may take cheer from a lift on Wall Street after positive earnings reports. ...

Listed Companies
Billion dollar hotel developments on backburner until better times
Brent Melville | Thu, 06 Aug 2020

Plans for at least 25 major hotel developments, valued at $2 billion, are gathering dust pending decisions on when, or if, construction will commence in the wake of border closures. The two dozen o...

Listed Companies
Pacific Edge seeks US$40m backpay from US administrator
Brent Melville | Thu, 06 Aug 2020

Pacific Edge is chasing 22,000 outstanding invoices dating back to 2015 as it seeks up to US$40 million in backpay from US medical aid administrator Novitas. The retrospective claim follows last mo...

Partner content
Don’t fear the robots. How software can help your business succeed

New Zealand businesses are on the road to recovery from the economic impact of the Covid-19 crisis but they, like corporates around the world, are having to change their operational practices.