Sharemarket News

MARKET CLOSE: NZ shares rise after bumpy week, led by NZ Refining, Synlait while Port of Tauranga, A2 drop
22 Jun, 6:00pm
New Zealand shares rose, led by New Zealand Refining Company and Synlait Milk while Port of Tauranga and A2 Milk Co fell... More »

NZ dollar heads for 0.7% weekly decline as trade jitters weigh on markets
22 Jun, 5:37pm
The New Zealand dollar is headed for a 0.7 percent weekly fall after losing ground when jitters around global trade roiled markets but managed to claw back over 69 cents in Asian trading Friday... More »

Mining industry says no more projects the size of Te Kuha, but smaller ones waiting
22 Jun, 4:41pm
The mining industry body Straterra says there aren't any projects the size of the Te Kuha in the wings but there are many smaller projects, predominantly on the West Coast whose future is currently in the hands of the Minister of Conservation... More »

Goodman Fielder seeks ComCom permission to buy Yoplait rights in NZ
22 Jun, 4:01pm
Goodman Fielder New Zealand, which owns a number of dairy brands including Meadow Fresh and Puhoi Valley, wants to buy the rights to make and sell Yoplait branded yoghurt in New Zealand... More »

RBNZ's Orr tipped to stand pat and could signal hikes might take even longer
22 Jun, 4:00pm
Reserve Bank governor Adrian Orr is expected to keep the official cash rate steady at next week's review and some economists say he could even hint rates will be on hold for longer than currently forecast... More »

Consistency across port reporting would boost transparency, deputy Auditor-General says
22 Jun, 3:27pm
A variety of accounting treatments used by the country's port companies makes it hard to compare and greater alignment would increase transparency, says deputy Auditor-General Greg Schollum... More »

Fletcher's Ross says no change to B+I provisions, won't comment on delays in Chch airport hotel
22 Jun, 3:26pm
Fletcher Building chief executive Ross Taylor says the company won't increase the provisions it announced in February against remaining Building + Interiors projects even though there's no completion date for the 200-room Novotel Christchurch Airport... More »

SeaDragon auditor PwC struggles to find evidence supporting asset valuations; withholds opinion
22 Jun, 2:28pm
SeaDragon's annual accounts got a black mark from its auditors for a second year, with PwC declining to express an opinion on the financial statements after failing to find enough evidence supporting the fish oil supplement maker's asset valuations... More »

Education Ministry's leaky school claim against Carter Holt about a year away
22 Jun, 12:49pm
The Ministry of Education's claim Carter Holt Harvey's Shadowclad product is defective and caused leaks in 833 school buildings will probably reach the courtroom in 12 months in a multi-staged trial, after five years of pre-hearing skirmishes... More »

NZ may produce record volumes of milk this season, Rabobank says
22 Jun, 12:04pm
New Zealand milk production may grow to a record of nearly 23 billion litres in the 2018/19 season, bolstered by a favourable milk price and adequate feed reserves, and assuming normal weather conditions, according to Rabobank’s dairy analyst Emma Higgins... More »

ANZ Bank unlikely to get millions owed to it by failed retailer Pumpkin Patch
22 Jun, 12:00pm
Failed children's clothing retailer Pumpkin Patch is unlikely to be able to pay back the millions it owes to ANZ Bank while unsecured creditors will get zilch, according to the latest report by the company's receivers KordaMentha... More »

NZ annual net migration falls in May as more foreigners, Kiwis leave
22 Jun, 11:26am
New Zealand's annual net migration fell in May as the number of foreigners arriving stayed the same but the number of New Zealanders and foreigners leaving rose... More »

Steel & Tube agrees to $21.1M sale-and-leaseback on Christchurch's Blenheim Rd
22 Jun, 10:41am
Steel & Tube Holdings said it agreed to a $21.1 million sale-and-leaseback deal of its Blenheim Road property in Christchurch, a key distribution hub for the company, as part of its restructuring efforts to raise working capital and pay down debt... More »

Michael Hill will close six remaining Emma & Roe stores, online business
22 Jun, 9:46am
Michael Hill International said it plans to close the remaining six stores of its Emma & Roe chain as well as the sub-brand’s online business at a total cost of no more than $3.1 million, a move allowing the Brisbane-based jewellery maker and retailer to... More »

Fletcher Building refreshes board chair, directors after announcing new strategy
22 Jun, 9:41am
Fletcher Building's outgoing chair Ralph Norris announced the board's audit and risk committee chair Bruce Hassall will succeed him when he steps down from the troubled building company in September... More »

NZ dollar recovers ground as greenback falls from 11-month high
22 Jun, 8:40am
The New Zealand dollar rose as the greenback fell from an 11-month high amid weaker-than-expected US data and was little changed against the pound on signs the Bank of England may be closer to hiking interest rates... More »

MARKET CLOSE: NZ shares gain as market cheers Fletcher plans, Sky TV, A2, Auckland Airport rise
21 Jun, 5:44pm
New Zealand shares rallied, pushing the S&P/NZX 50 Index to a record after Fletcher Building detailed its five-year strategy and affirmed guidance. Sky Network Television, A2 Milk, Auckland International Airport and Fisher & Paykel Healthcare rose... More »

NZ dollar falls on tepid economic growth, rising greenback
21 Jun, 5:11pm
The New Zealand dollar lost further ground against the greenback as today's gross domestic product data added to recent weak data and as the US dollar continued to push higher in Asian trading on the prospect of interest rate rises in the US and easing... More »

Restaurant Brand affirms annual earnings guidance, on look-out for US director
21 Jun, 4:35pm
Restaurant Brands New Zealand, which operates the local KFC, Pizza Hut, Starbucks Coffee and Carl's Jr brands, affirmed guidance for annual earnings to rise 10 percent and said it's looking for a US director as it scouts out new opportunities in mainland... More »

Xero shooting for a million customers in UK as digitisation looms
21 Jun, 3:24pm
Xero is confident of tripling its UK customer base in the next few years, saying the compulsory digitisation of tax returns providing a tailwind to its rapid pace of growth in the world's fifth-biggest economy... More »