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Newswire

MARKET CLOSE: NZ shares rise; F&P Healthcare crosses $20b threshold
Dan Brunskill | Tue, 30 Jun 2020

New Zealand shares extended yesterday’s gain, following Wall Street's lead overnight and as Fisher & Paykel Healthcare become the NZX’s first $20 billion company.   The S&P/NZX 50 Index rose 198.51 points, or 1.8 percent, to 11,451.05. Within the index, 30 stocks rose, 12 fell...

NZ dollar unmoved by Powell, Robertson or business confidence
Jenny Ruth | Tue, 30 Jun 2020

The New Zealand dollar was unmoved by comments from Federal Reserve chair Jerome Powell or NZ Finance Minister Grant Robertson or by the latest survey showing business confidence - while negative - is improving. The kiwi was trading at 64.21 US cents at 5pm in Wellington from...

NZ dollar range-bound amid souring mood in equities markets
Jenny Ruth | Mon, 29 Jun 2020

The New Zealand dollar was range-bound despite a souring mood in global equities markets as covid-19 infections passed 10 million and deaths 500,000. The kiwi was trading at 64.25 US cents at 5pm in Wellington from 64.23 cents in New York on Friday and 64.42 cents here at 5pm....

Unexpected slide in Pohokura gas production
Gavin Evans | Mon, 29 Jun 2020

Output from the country’s biggest gas field has fallen about 15 percent the past six weeks and operator OMV is yet to establish why. The offshore Pohokura field, the subject of a series of maintenance shuts during the past two years, delivered about 172 terajoules of gas yeste...

MARKET CLOSE: NZ shares rise as investors eye upbeat F&P Healthcare result
Paul McBeth | Fri, 26 Jun 2020

New Zealand shares edged higher, with Fisher & Paykel Healthcare among the day’s leaders as investors eye a strong result for the respirator maker on Monday. The S&P/NZX 50 Index rose 4.87 points, or 0.04 percent, to 11,129.23. Within the index, 12 stocks rose, 33 fell and fiv...

TIL shares jump as earnings outlook improves
Staff reporters | Fri, 26 Jun 2020

TIL Logistics shares jumped almost 16 percent to 73 cents after the trucking company said annual earnings will beat the guidance it withdrew before covid-19 clouded up its outlook. The company expects to report earnings before interest, tax, depreciation and amortisation of betwe...

Mercury trims earnings guidance again
Staff reporters | Fri, 26 Jun 2020

Mercury NZ trimmed its full-year earnings guidance for the third time in four months, citing declining hydro-electric water storage in the North Island.The electricity generator and retailer said it expects full-year earnings of about $480 million before interest, tax, depreciati...

Direct Capital invests in beauty business Caci
Staff reporters | Fri, 26 Jun 2020

Direct Capital has taken a 39 percent stake in Caci for an undisclosed sum. The new shareholder will help the beauty business “drive an ambitious growth strategy for its trusted chain of clinics,” Caci said. Founders David and Jackie Smith own the rest of the recently formed hold...

MARKET CLOSE: NZ shares fall as covid fears cast pall; Air NZ drops
Paul McBeth | Thu, 25 Jun 2020

New Zealand shares joined a global sell-off as fears the covid-19 pandemic has a new lease of life weighed on the outlook for company earnings. Air New Zealand dropped as trans-Tasman rival Qantas Airways announced a major restructuring. The S&P/NZX 50 Index fell 155.05 points...

NZ dollar declines amid rising covid-19 infections
Jenny Ruth | Thu, 25 Jun 2020

The New Zealand dollar fell as surging covid-19 infections everywhere from California and Texas to Brazil and India overtook investors' best attempts to ignore the bad news to focus on economic recovery. The kiwi was trading at 64.17 US cents at 5pm in Wellington from 64.60 ce...

NZ annual trade deficit smallest in six years
Brent Melville | Thu, 25 Jun 2020

New Zealand's annual trade deficit was the smallest its been in almost six years in May, with the gap between exports and imports narrowing by $1.1 billion compared to April's annual numbers. Exports were up 1.3 percent at $60.09 billion in the 12 months through May, with gain...

Green Cross suspends dividend to protect balance sheet through pandemic
Paul McBeth | Thu, 25 Jun 2020

Green Cross Health won’t pay a final dividend in an effort to protect its balance sheet through the covid-19 pandemic. The pharmacy chain franchisor and primary healthcare provider reported a net profit attributable to shareholders of $13.5 million in the 12 months ended March...

Asalea to close nappy factory; 26 jobs to go
Staff reporters | Thu, 25 Jun 2020

Asaleo Care is giving up on its local baby nappy business and will close its manufacturing facility in Te Rapa, which will see 26 staff lose their jobs. The tissue maker hasn’t been able to generate adequate returns from the New Zealand baby diaper business, despite five years of...

Skellerup lowers earnings guidance; sees demand recovering
Rebecca Howard | Thu, 25 Jun 2020

Skellerup Holdings lowered its annual earnings guidance after the covid-19 pandemic saw its costs rise and demand dwindle for some of its products. “Prior to the covid-19 outbreak, Skellerup was on track for a record result in FY20," it said, which would have trumped its recor...

MARKET OPEN: Pendulum swings back to risk-off on rising covid cases, IMF forecasts
Rebecca Howard | Thu, 25 Jun 2020

New Zealand’s stock market may slide after the International Monetary Fund painted an even bleaker global economic picture and covid-19 cases continued to rise in the US. The IMF now sees the global economy contracting 4.9 percent in 2020, 1.9 percentage points more than the A...

MARKET CLOSE: Shares rise as investors seek yields
Dan Brunskill | Wed, 24 Jun 2020

New Zealand shares rose, led by companies offering reliable dividends such as Stride Property, as the Reserve Bank reaffirmed its commitment to near-zero interest rates. A weaker currency also boosted the fortunes of exporters including Pushpay Holdings and A2 Milk.  The S&P/N...

NZ dollar little changed after RBNZ comments erase gains
Jenny Ruth | Wed, 24 Jun 2020

The New Zealand dollar was little changed after the Reserve Bank's mention of the elevated currency putting pressure on export earnings punctured earlier gains on the back of stronger US equities. The kiwi was trading at 64.60 US cents at 5pm in Wellington compared with 64.71...

Back to the drawing board on commercial rent abatement legislation
Brent Melville | Wed, 24 Jun 2020

It's back to the drawing board for the coalition government and those commercial tenants who would have qualified for rent abatement after the government’s commercial rent relief legislation was shelved this week. But the scuttling of the rent abatement bill - after coalition...

RBNZ holds QE at $60b, cash rate at 0.25%
Rebecca Howard | Wed, 24 Jun 2020

The Reserve Bank of New Zealand held its quantitative easing programme at $60 billion and kept the official cash rate on hold at 0.25 percent. While New Zealand has contained the spread of covid-19 “locally for now” the central bank underscored that “significant economic chall...


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