NZ shares sink as dour earnings highlight soggy economy

Turnover on the NZX for the day was $110.6 million. (Image: Getty)

Tue, 27 Aug 2024

New Zealand shares fell as soft earnings from Tourism Holdings and Vulcan Steel highlighted the strains still facing the local economy. Spark New Zealand hit a four-year low. The S&P/NZX 50 Index dropped 138.72 points, or 1.1%, to 12,451.11. Across the main board, 90 stocks fell, 46 rose and 43 were unchanged. Turnover was $110.6 million, with seven companies trading on volumes of more than a million shares. The local earnings season continued to highlight how tough domestic economic conditions have been as household budgets rem...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Economy

How to Be Wrong: summer reading for the PM

Advice on leading for innovation, threats to democracy, gangs, and more.

Pattrick Smellie 2:15pm

The Quiz Free

QuiznessDesk, Friday, Nov 28

Want to show your boss how clever you are?

The Quizmaster 9:15am

Markets

The contest for gentailers isn’t electrons – it’s politics

Big spend, high stakes: gentailers outline plans that depend on political tolerance.

Ian Llewellyn 5:00am

The contest for gentailers isn’t electrons – it’s politics

Sponsored

Spark Accelerate: Are you ready for exponential AI growth?

Spark

Sponsored

Cybersecurity skills gap leaving Kiwi businesses at risk - report

A cybersecurity skills shortage is creating additional cyber risks, according to a new global report.

Fortinet

More Markets

Markets

New Talisman in trading halt

New Talisman Gold Mines has been placed in a trading halt because of its financial position.The mining company requested the halt, saying the board must meet “to consider the company’s current financial position and its strategic path forward”.“The board cannot reach a conclusion...

Ian Llewellyn 2:49pm

Markets

Port of Tauranga Stella Passage project referred to fast-track process

Staff reporters 12:10pm

Markets

Rakon reports 1H net loss of $3 million

Rakon has reported a net loss of $3 million for the six months to Sept 30, compared with its year-ago $10m loss.Revenue increased 30.2% from the year-ago $41.7m to $54.2m.Underlying earnings before interest, tax, depreciation and amortisation (ebitda) were $3.6m from a year-ago e...

Staff reporters 10:50am

Markets

The contest for gentailers isn’t electrons – it’s politics

Big spend, high stakes: gentailers outline plans that depend on political tolerance.

Ian Llewellyn 5:00am

NZ shares sink as dour earnings highlight soggy economy

More Markets

Your company has a subscription

Team