Investors sell shares in flood-hit Hawke's Bay companies

Investors sell shares in flood-hit Hawke's Bay companies
(Image: Getty)
Investors have sold shares in listed companies based in Napier and Hawke's Bay as they predict Cyclone Gabrielle's damage will hurt earnings.  The damage is significant. The New Zealand Defence Force said on Wednesday morning it had rescued hundreds of people that were trapped as riverbanks burst and flooded areas surround Hastings and Napier.  About 9,000 people have been displaced by the storm and half a dozen bridges have been damaged or washed away entirely.  While the full impact of the storm is still unknown, invest...

More Markets

Lower bond yields lift NZ sharemarket
Markets Market Close

Lower bond yields lift NZ sharemarket

Lower bond yields have helped drive the NZ sharemarket sharply higher at the close.

Jamie Gray 30 May 2025
Turbulent market slashes 2 Cheap Cars' profit
Markets

Turbulent market slashes 2 Cheap Cars' profit

New Zealand’s continued economic downturn, a sharp fall in immigration and consequent softer market demand has driven a 47% drop in profit for 2 Cheap Cars.The company reported total revenue of $81.9 million with 7675 cars sold in the year to March 31, down 6% compared to $86.7m...

Staff reporters 30 May 2025
Pacific Edge launches $20m capital raise
Markets

Pacific Edge launches $20m capital raise

The raise will help the medtech company continue operations for another year.

Staff reporters 30 May 2025
King Salmon slashes earnings guidance
Primary Sector

King Salmon slashes earnings guidance

Reduced harvests are needed to build up fish stocks.

Staff reporters 30 May 2025