The latest from Sophie Boot

News, opinion and analysis by Sophie Boot

MARKET CLOSE: NZ shares drop back as SkyCity, Air NZ weaken; NZX rises on Nasdaq MOU
Sophie Boot | Wed, 12 Sep 2018

By Sophie Boot Sept. 12 (BusinessDesk) - New Zealand shares dropped back, led lower by Mercury NZ and SkyCity Entertainment Group, as yesterday's gains weren't repeated. The S&P/NZX50 Index fell 30 points, or 0.3 percent, to 9,195.57. Within the index, 31 stocks fell, 15 ro...

Tilt directors repeat recommendation that shareholders reject Infratil, Mercury takeover offer
Sophie Boot | Wed, 12 Sep 2018

By Sophie Boot Sept. 12 (BusinessDesk) - Tilt Renewables's independent directors have repeated their advice that shareholders reject a takeover offer from major shareholders Infratil and Mercury NZ, after Tilt announced it has signed a 15-year supply deal with Victoria's state...

NZ guest nights flat in July after Lions Tour peak in 2017
Sophie Boot | Tue, 11 Sep 2018

By Sophie Boot Sept. 12 (BusinessDesk) - New Zealand guest nights were flat in July as international visitor numbers fell from last year's peak during the Lions rugby tour, Statistics New Zealand said. Total guest nights rose to 2.7 million, up 0.1 percent from July last ye...

MARKET CLOSE: NZ shares up 2% as energy stocks rally on expert report; A2, Fisher & Paykel Health gain
Sophie Boot | Tue, 11 Sep 2018

By Sophie Boot Sept. 11 (BusinessDesk) - New Zealand shares rose strongly in busy trading, led by A2 Milk Co and Contact Energy. Energy stocks gained on the release of a sector report which allayed fears of tighter regulation. The S&P/NZX50 Index gained 176.94 points, or 2...

Tilt announces supply deal with Victorian state govt for Dundonnell wind farm
Sophie Boot | Tue, 11 Sep 2018

By Sophie Boot Sept. 11 (BusinessDesk) - Tilt Renewables has signed a 15-year supply deal with Victoria's state government for the company's proposed Dundonnell wind farm. Earlier today, the stock was put in a trading halt pending an announcement on support arrangements for...

NZ electronic card spending climbs in August as petrol payments rise 4%
Sophie Boot | Mon, 10 Sep 2018

By Sophie Boot Sept. 11 (BusinessDesk) - New Zealand retail spending on electronic cards rose in August as payments on fuel surged, following a downward revision to the previous month's figures. Seasonally adjusted total retail spending on credit and debit cards rose 1 perc...

MARKET CLOSE: NZ shares drop from recent highs; Ryman, Fletcher fall
Sophie Boot | Mon, 10 Sep 2018

By Sophie Boot Sept. 10 (BusinessDesk) - New Zealand shares weakened from recent highs, led lower by Ryman Healthcare and Fletcher Building. The S&P/NZX50 Index dropped 46.76 points, or 0.5 percent, to 9,048.63. Within the index, 23 stocks fell, 15 rose and 12 were unchange...

PSA, IRD settle collective bargaining after strikes
Sophie Boot | Mon, 10 Sep 2018

By Sophie Boot Sept. 10 (BusinessDesk) - Public Service Association members and the Inland Revenue Department have ended months of pay negotiations with union members voting to ratify a new deal. PSA members working at IRD went on strike three times this year - July 9, July...

Summerset announces indicative rate for $100M bond offer
Sophie Boot | Sun, 09 Sep 2018

By Sophie Boot Sept. 10 (BusinessDesk) - Summerset Group will sell up to $100 million of seven-year fixed-rate bonds as it cuts its reliance on bank debt. The retirement village operator and developer announced its planned offer last week. At the time chair Rob Campbell sai...

Barbara Chapman, Belinda Moffat, John Sproat appointed to Reserve Bank Act review panel
Sophie Boot | Fri, 07 Sep 2018

By Sophie Boot Sept. 7 (BusinessDesk) - The government has made three new appointments to the panel reviewing the Reserve Bank Act, as the "wide-ranging" review enters its second phase. Finance Minister Grant Robertson announced that Barbara Chapman, Belinda Moffat and John...

Minister Clare Curran resigns after creating 'unacceptable distraction' by personal email use
Sophie Boot | Fri, 07 Sep 2018

By Sophie Boot Sept. 7 (BusinessDesk) - Clare Curran has resigned as a minister, less than a week after being removed from Cabinet. In a statement, Prime Minister Jacinda Ardern said she had accepted the resignation after Curran contacted her last night.  "Clare has come...

Govt announces $153M PGF spend for Gisborne to boost transport links, forestry
Sophie Boot | Fri, 07 Sep 2018

By Sophie Boot Sept. 7 (BusinessDesk) - The government has announced $153 million in Provincial Growth Fund spending in Tairāwhiti, the Māori name used for the Gisborne region, in an attempt to boost the area's tourism and create jobs. Tairāwhiti will benefit from up to $13...

MARKET CLOSE: NZ shares drop as stocks shed dividend rights; Synlait, Heartland, A2 fall
Sophie Boot | Thu, 06 Sep 2018

By Sophie Boot Sept. 6 (BusinessDesk) - New Zealand shares dropped as many large stocks shed their dividend rights, with Synlait Milk, Heartland Bank and A2 Milk Co leading the index lower. The S&P/NZX50 Index fell 126.4 points, or 1.4 percent, to 9,101.6. Within the index,...

Infratil says Tilt offer 'more than fair' after directors reject takeover bid
Sophie Boot | Wed, 05 Sep 2018

By Sophie Boot Sept. 6 (BusinessDesk) - Infratil says the $208.5 million takeover offer for Tilt Renewables it's leading is "fair and reasonable" after Tilt's independent directors recommended shareholders reject the deal as being too low. Infrastructure investment company...

NZ house values drop in August as winter cools appetites
Sophie Boot | Wed, 05 Sep 2018

By Sophie Boot Sept. 6 (BusinessDesk) - New Zealand house values shrank in August as the market cooled in winter, according to state-owned valuer Quotable Value. National residential property values dropped 1.6 percent in the three months through August to $672,504, althoug...

MARKET CLOSE: NZ shares fall, Sky TV and FPH drop while Chorus, Arvida rise
Sophie Boot | Wed, 05 Sep 2018

By Sophie Boot Sept. 5 (BusinessDesk) - New Zealand shares fell, led lower by Sky Network Television on continued earnings worries and Fisher & Paykel Healthcare, while Chorus and Arvida Group gained. The S&P/NZX50 Index dropped 64.15 points, or 0.7 percent, to 9,228. Withi...

Local earnings defy gloomy businesses as stocks break new records
Sophie Boot | Tue, 04 Sep 2018

By Sophie Boot Sept. 5 (BusinessDesk) -  The latest round of New Zealand corporate earnings largely delivered as expected, with most companies reporting sales and profits within analysts' predictions. The local stock market surged to a record in August despite few companies...

IkeGPS sees Analyse potential of 'up to 20x' revenue in step change for business
Sophie Boot | Tue, 04 Sep 2018

By Sophie Boot Sept. 4 (BusinessDesk) - IkeGPS sees its new Ike Analyse product as a possible "step change" for the business, ramping up its recurring revenue from major clients. Earlier this month, the company raised $5 million of shares at a 4 percent premium in an oversu...

MARKET CLOSE: NZ shares fall from recent highs, led lower by Fisher & Paykel on earnings downgrade
Sophie Boot | Mon, 03 Sep 2018

By Sophie Boot Sept. 3 (BusinessDesk) - New Zealand shares dropped, led lower by Fisher & Paykel Healthcare and Z Energy while A2 Milk rose amidst new Chinese e-commerce legislation. The S&P/NZX50 Index fell 55.91 points, or 0.6 percent, to 9,257.29. Within the index, 21 st...

A2 welcomes China's new ecommerce laws, awaits further guidance
Sophie Boot | Sun, 02 Sep 2018

By Sophie Boot Sept. 3 (BusinessDesk) - A2 Milk Co says it welcomes new e-commerce law in China, as it awaits further information. Chinese legislators passed the law, which will come into effect on Jan. 1 2019, late on Friday. Xinhua, China's state-run press agency, said th...

MARKET CLOSE: NZ shares fall today, led lower by Sky TV and Tourism Holdings, but gain 4.4 percent in August
Sophie Boot | Fri, 31 Aug 2018

By Sophie Boot Aug. 31 (BusinessDesk) - New Zealand shares dipped, led lower by Sky Network Television and Tourism Holdings, but gained over 4 percent in the month after a busy earnings season. The S&P/NZX50 dropped 26.68 points, or 0.3 percent, to 9,313.2. Within the index...

Cooks Global Foods sees increased earnings, US expansion from Mojo acquisition
Sophie Boot | Fri, 31 Aug 2018

By Sophie Boot Aug. 31 (BusinessDesk) - Cooks Global Foods, which owns the master franchise rights for the Esquires Coffee chain outside New Zealand and Australia, says its planned $19 million purchase of Mojo Coffee Cartel will boost its earnings and expand its reach. The...

MARKET CLOSE: NZ shares drop as Sky TV, NZX fall; Vector, Chorus gain
Sophie Boot | Thu, 30 Aug 2018

By Sophie Boot Aug. 30 (BusinessDesk) - New Zealand shares dropped from yesterday's record, led lower by Sky Network Television and NZX. Vector and Chorus gained. The S&P/NZX50 Index fell 22.79 points, or 0.2 percent, to 9,339.88. Within the index, 30 stocks fell, 13 rose a...


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