News

The New Zealand market (NZX 50 Index, -0.3%) declined on Friday and was closed for trading Yesterday in observance of Labour Day. 

The New Zealand market (NZX 50 Index, -0.8%) was dragged down by market anticipation for a 75-basis-points rate hike from the Reserve Bank of New Zealand in one month’s time. 2 and 10-year Bank swap rates are now at 12 and 14-year highs, respectively. Additionally, commercial banks, starting with ANZ and Westpac, are increasing mortgage rates.  

The New Zealand market (NZX 50 Index, +0.6%) rose on the back of the huge rally in Freightways (+5.9%).  The global dairy trade index (-4.6%) slumped overnight, with whole milk powder (-4.2%) and skim milk powder (-6.9%) cratering. Dairy stocks were mixed with A2 Milk (+1.0%) up, Fonterra Shareholders’ Fund units (0.0%) flat, and Synlait (-1.0%) falling. 

The New Zealand market (NZX 50 Index, +0.6%) lifted on Tuesday despite annual inflation coming in at 7.2% for the September quarter, when the market expected a figure closer to 6.5%. Markets are now beginning to price in the possibility of a 75-basis-points rate hike from the Reserve Bank of New Zealand in November, with a 50-basis-points hike or more almost certain. 

The New Zealand market (NZX 50 Index -0.8%) fell in the lead up to the release of the country’s inflation data, due today at 10:45 am NZDT.  Tower (+5.7%) surged after announcing its annual underlying profit was about NZ$40m in the year ended Sept 30, beating forecasts by ~30%, and improving on last year’s underlying profit of NZ$30.8m. 

The New Zealand market (NZX 50 Index, +0.5%) rose on Friday, following the US markets’ Thursday rally. Fonterra (+1.7%, Shareholders’ Fund Units) trimmed its milk collection forecast by -1.0% to 1,480 million kilograms of milk solids due to “variable weather conditions…contributing to lower collections through September and early October”. A2 Milk (-2.5%) and Synlait Milk (-0.6%) moved in the opposite direction on Friday. 

The New Zealand market (NZX 50 Index, -0.5%) fell in the lead up to US CPI data. Napier Port (-1.4%) fell after reporting it had approved an on-market share buyback programme over 12 months, beginning next week, for up to 5% or 125,000 of its ordinary shares. Additionally, the port operator reported its second highest annual total cargo movement volume, although this represents a decline of -7.9% for the year ending September. 

The New Zealand market (NZX 50 Index, -0.8%) fell on Wednesday but not without a few bright spots occurring in the market. NZX (+2.6%) reaped gains on a market update that Westpac (+2.9%) director Rob Hamilton will become its new chair beginning April 2023 and Datacom’s current CFO will join the board. 

The New Zealand market (NZX 50 Index, +0.4%) rose marginally on Tuesday. Pushpay (-1.7%) fell after the company omitted to provide details concerning the takeover bids it was fielding. On Monday, Pushpay climbed +3.5% before being placed in a trading halt. Sky Network Television (+5.2%) surged, correcting for the -5.0% selloff the stock experienced yesterday after announcing it had sold its RugbyPass streaming platform and secured the rights to the World Rugby through to 2029.