The latest from Edwin Mitson

News, opinion and analysis by Edwin Mitson

Air NZ's share price target lowered by Craigs analysts
Edwin Mitson | Thu, 26 Jan 2017

By Edwin Mitson Jan. 26 (BusinessDesk) - Analysts at Craigs Investment Partners have downgraded the share price target for Air New Zealand and warned its earnings before tax is likely to come in at the lower end of expectations.  On Wednesday, the airline published details...

Turners to sell $150 mln of its loans to investors via securitisation
Edwin Mitson | Wed, 25 Jan 2017

By Edwin Mitson Jan. 25 (BusinessDesk) - Turners, the country's largest seller of vehicles, is to sell stakes in its loan book in a deal worth an initial $150 million.  As well as selling cars and trucks and lending people money to buy them, Turners owns Dorchester Finance,...

Customer numbers fall at Genesis Energy, but LPG sales soar
Edwin Mitson | Wed, 25 Jan 2017

By Edwin Mitson Jan. 25 (BusinessDesk) - Genesis Energy, the country's largest energy company by customer numbers, says electricity retail connections fell by 1.2 percent to 514,155 between the end of September and the end of December 2016.  In an update to the NZX, Genesis...

Air NZ's revenue falls in first six months of financial year
Edwin Mitson | Wed, 25 Jan 2017

By Edwin Mitson Jan. 25 (BusinessDesk) - Passenger revenue in the first six months of Air New Zealand's financial year has fallen sharply, even when the impact of foreign exchange fluctuations are eliminated.  In an update to the NZX, the country's national airline said for...

Hellaby execs sell down holdings to Bapcor, but one retains stake
Edwin Mitson | Tue, 24 Jan 2017

By Edwin Mitson Jan. 24 (BusinessDesk) - Senior executives at Hellaby Holdings sold down their stakes in the business to suitor Bapcor just days after the independent directors ended months of opposition to the takeover. Just one non-executive director has held onto some of...

NZ dollar in biggest fall against greenback since November
Edwin Mitson | Thu, 19 Jan 2017

By Edwin Mitson Jan. 19 (BusinessDesk) - The New Zealand dollar saw its biggest one-day fall since November as the greenback strengthened sharply after a speech by the chair of the US Federal Reserve Janet Yellen, in which she said the world's largest economy was getting to th...

NZ dollar rises above 72 US cents as Trumpflation trades unwind
Edwin Mitson | Wed, 18 Jan 2017

By Edwin Mitson Jan. 18 (BusinessDesk) - The New Zealand dollar rose above 72 US cents, its highest level since mid-December, as investors in the United States moved to unwind trades based on the anticipated inflationary policies of President-elect Donald Trump.  The kiwi w...

Hawkes Bay kiwifruit farm sells for $40.2mn
Edwin Mitson | Wed, 18 Jan 2017

By Rebecca Howard Jan. 18 (BusinessDesk) - New Zealand’s kiwifruit industry continues to surge ahead and a recent orchard sale underscores confidence in the sector. A 66-hectare kiwifruit orchard in the Hawkes Bay area recently sold for $40.2 million, something PGG Wrightso...

Veritas gets extension on Nosh sale deadline as stoush with Constellation Drive franchisee brews
Edwin Mitson | Mon, 16 Jan 2017

By Edwin Mitson Jan. 16 (BusinessDesk) - ANZ Bank New Zealand has agreed to extend the deadline for Veritas Investments to either sell or begin winding up its Nosh food supermarkets until the end of the month.  In a statement to the NZX, Veritas said it had "received a numb...

South African visitor numbers rise in month of visa changes
Edwin Mitson | Mon, 16 Jan 2017

By Edwin Mitson Jan. 16 (BusinessDesk) - The number of visitors from South Africa in November last year rose by more than a quarter, despite the ending of the visa waiver agreement between the two countries.  Figures published by Statistics New Zealand show 2,144 South Afri...

NZ dollar gains vs pound after report May to signal Brexit intent
Edwin Mitson | Sun, 15 Jan 2017

The New Zealand dollar gained against the British pound after a report that UK Prime Minister Theresa May will signal her intention to drive ahead with plans to exit the European Union. The kiwi dollar rose to 59.18 British pence as at 8am in Wellington from 58.44 pence in lat...

2017 uncertain for house prices, with mixed expert views
Edwin Mitson | Fri, 13 Jan 2017

By Edwin Mitson Jan. 13 (BusinessDesk) - If you're not sure about which way the housing market is going to go in 2017, bear in mind the experts remain pretty divided too.  In its housing predictions for 2017 published this morning, the Property Institute, which represents v...

UPDATE: NZ have 'frugal Christmas' with retail spending down in December
Edwin Mitson | Thu, 12 Jan 2017

(Update pars 1 to 5 to re-angle on retail spending, includes Westpac comment) By Rebecca Howard Jan. 13 (BusinessDesk) - New Zealand seasonally adjusted retail spending on electronic cards eased more than expected despite the Christmas holiday. Retail spending fell a sea...

Wool prices fall in first auction of 2017
Edwin Mitson | Thu, 12 Jan 2017

By Edwin Mitson Jan. 13 (BusinessDesk) - New Zealand Wool Services, the country's largest wool exporter, says prices at this week's wool auction fell, in particular for varieties sourced from the North Island.  Compared to the previous North Island selection on December 21,...

Bapcor offer for Hellaby goes unconditional
Edwin Mitson | Thu, 12 Jan 2017

By Edwin Mitson Jan. 13 (BusinessDesk) - Bapcor's takeover offer of Hellaby Holdings has now been declared unconditional, with shareholders who have accepted the offer to receive $3.60 per share within the next 7 days.  Representatives of the two companies met yesterday to...

Key deadline for Veritas on future of Nosh supermarkets looms
Edwin Mitson | Thu, 12 Jan 2017

By Rebecca Howard Jan. 13 (BusinessDesk) - Auckland-based Veritas Investments said on Friday it is still working through the process ahead of a deadline to present a plan for its unprofitable Nosh supermarket business to ANZ Bank New Zealand. In mid-December the company, wh...

NZ Dollar makes further gains overnight on continued Trump disappointment
Edwin Mitson | Thu, 12 Jan 2017

By Rebecca Howard Jan. 13 (BusinessDesk) - The New Zealand dollar made further gains overnight benefiting from a weaker US dollar as markets remained disappointed with the lack of detail from US president-elect Donald Trump’s press conference.  The kiwi rose as high as 71.4...

NZ dollar benefits from Trump press conference to remain at month highs
Edwin Mitson | Thu, 12 Jan 2017

By Rebecca Howard Jan. 12 (BusinessDesk) - The New Zealand dollar continued to hover at its highest level since mid-December against the greenback Thursday, as traders pushed down the value of the US currency following President-elect Trump's press conference.  The local cu...

Fonterra milk collections remain below previous season, trend shifts in Oz
Edwin Mitson | Thu, 12 Jan 2017

By Edwin Mitson Jan. 12 (BusinessDesk) - Milk collections by Fonterra Cooperative Group this season are continuing to track below the previous year, mainly due to lower production on the North Island.  Collections in the seven months from June 1, 2016 to Dec. 31, 2016 were...

NZ dollar continues drop against Aussie dollar, down 2% since Jan 3 high
Edwin Mitson | Wed, 11 Jan 2017

By Edwin Mitson Jan. 11 (BusinessDesk) - The New Zealand dollar traded at its lowest level against the Australian dollar since November, and has fallen more than 2 percent since the start of 2017 as it broke out of a key trading range.  The kiwi traded at 94.77 Australian c...

Bapcor and Hellaby directors to meet after Bapcor secures 50% of shares
Edwin Mitson | Wed, 11 Jan 2017

By Edwin Mitson Jan. 11 (BusinessDesk) - Directors of Bapcor and Hellaby Holdings are to meet on Thursday and Friday of this week, with Hellaby's board planning to issue an updated recommendation to shareholders "as soon as is practicable". The ASX-listed Bapcor has been pu...

Tourism Holdings exec sells down as share price soars
Edwin Mitson | Tue, 10 Jan 2017

By Edwin Mitson Jan. 10 (BusinessDesk) - A senior executive of Tourism Holdings has used its soaring share price to sell down some of her stake in the business, NZX documents show.  Catherine Mary Meldrum sold 50,000 shares on Jan. 9 for $188,500, or $3.77 a share, reducing...

NZ dollar heads higher on Chinese inflation data
Edwin Mitson | Tue, 10 Jan 2017

By Edwin Mitson Jan. 10 (BusinessDesk) - The New Zealand dollar moved to near-month highs against both the US dollar and the Chinese yuan, as data published by Beijing suggesting higher inflation in the world's manufacturing hub drove the value of the kiwi up.  The local cu...


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