No change in OCR except for tone
The RBNZ left the Official Cash Rate (OCR) unchanged at 2.25% today, as universally expected. The Summary Record of Meeting reiterated many of the same points as the Governor’s speech last month – “wait and see”, effectively, commented Sharon Zollner, chief economist at ANZ Bank in New Zealand. “The RBNZ revealed its updated inflation forecasts: 4.2% in Q2. That is based on an assumption that Dubai oil prices drop below USD100/bbl by the end of June. “Downside growth risks got plenty of...
ComCom extends Bremworth decision
The NZ Commerce Commission has decided to extend its decision on the Bremworth scheme of arrangement until May 29. The NZCC confirmed that it will be releasing a Statement of Unresolved Issues in connection with the scheme. Brewworth advised NZX that “the publication by the NZCC of a Statement of Unresolved Issues is a standard part of the merger clearance process – it is not a final decision and does not indicate that the NZCC intends either to give or to decline clearance. On October 1,...
Stable situation in fuel stocks
6.4.26 Today’s fuel stocks update by MBIE showed that as of last Wednesday evening, there were 61.9 days of petrol, 51.5 days of diesel, and 50.1 days of jet fuel. This is compared to 58.7 days of petrol, 52.2 days of diesel and 46.2 days of jet fuel, in a prior update. MBIE said the update showed national fuel stocks were stable, with sufficient stock levels. "Movements remain within expectations and show normal patterns.” The update showed there were 27.2 days of petrol in-country, 17.5 days...
KMD placement and insto offer completed
2.4.26 KMD Brands has successfully completed its $6.8 million underwritten placement and the institutional component of its approximately $58.5 million fully underwritten 1 for 0.73 pro-rata accelerated renounceable entitlement offer, as announced on Tuesday The Placement and Institutional Entitlement Offer closed on Wednesday and raised combined gross proceeds of approximately $44.2m through the issue of new fully paid ordinary shares in KMD. The Placement was well supported by a number of...
Govt to help fund fuel storage at Marsden Pt
The Government will enter into an agreement to support an additional 90 million litres of storage for diesel at Marsden Point in Northland to boost New Zealand’s fuel resilience as the Middle East conflict continues to impact global fuel supplies, Regional Development and Associate Energy Minister Shane Jones says. Senior Ministers yesterday signed off on up to $21.6 million from the Regional Infrastructure Fund (RIF) to Channel Infrastructure NZ Ltd. “This financial arrangement will allow...
Synlait sells Pokeno to Abbott
2.4.26 Synlait Milk has completed the $307 million (US$178 million) sale of its North Island assets to global healthcare leader Abbott. CEO Richard Wyeth said “This is an important turning point for Synlait. It will strengthen and simplify our business while giving us the space to drive our recovery forward with a focus on where Synlait was founded, in Canterbury.” The assets include the Pōkeno manufacturing facility, the associated inventory, and the company’s leasehold Auckland sites (assets...
Heavily discounted equity raise by KMD Brands
31.3.26 KMD today announced an approximately $65.3 million fully underwritten equity raising. The offer comprises: a fully underwritten placement (“Placement”) of new fully paid ordinary shares to eligible institutional shareholders and new institutional investors to raise approximately $6.8 million; and a fully underwritten 1 for 0.73 pro-rata accelerated renounceable entitlement offer (“Entitlement Offer”) of New Shares to eligible shareholders to raise approximately $58.5 million. The offer...
KMD Brands sales uplift but net loss
31.3.26 KMD Brands Ltd released its interim results - for the six months ended January 31 – today, along with details relating to a $65.3 million fully underwritten equity raising and refinancing of its debt facilities. Group sales were up +7.3% to $505.4 million but gross margin was down -1.2% of sales to 56.8% and underlying operating expenses increased +2.4% to $275.6 million. Underlying EBITDA, at $11.5 million, was up +196.6% year-on-year. The group ran a statutory NPAT loss -$13.1...
Fonterra completes sale of Mainland
31.3.26 Fonterra Co-operative Group Ltd today completed the sale of its global consumer and associated businesses, Mainland Group, to Lactalis. Chairman Peter McBride says the completion of the sale is a significant milestone which sets the Co-op up for the future. “With the divestment complete, Fonterra can return capital to its owners and focus on growing further through its core business as a New Zealand farmer-owned global B2B dairy provider,” says Mr McBride. CEO Miles Hurrell says...
The Headliner 2 April 2026
The latest issue of The Headliner has been added to the website,
Govt rolls out fuels plan ‘just in case’
27.3.26 While there is currently no need for fuel restrictions, but would be if fuel shipments to NZ peter out, the government is putting the nation onto a readiness footing. ‘the public can be assured that the Government is planning carefully, acting early and making sure New Zealand is well positioned to respond, whatever the global environment brings,” Financae Minister Nicola Willis said in rolling details of a phased national fuels plan. They reflect “the specific potential risks New...
Bottom-line bounce for Warehouse
Despite a challenging retail environment and ongoing cost-of-living pressures on households, The Warehouse Group recorded sales of $1,612.1m in the six months to 1 February 2026, up 0.3% on 1H25. Like for like same store sales increased 0.5%, while improving profitability through disciplined cost control and improved working capital with lower inventory. Gross profit was $520.5m, down 0.2%, with gross profit margin of 32.3%, down 20 basis points. Gross profit margin improved in Warehouse...
ASB support for weather-hit customers
27.3.26 ASB is offering support options for customers who are impacted by severe weather in the North Island. Targeted support for personal, farming and business customers will be offered on a case-by-case basis, with options including: Deferring home loan repayments for up to three months or interest only for three months. Immediate consideration of requests for emergency credit card limit increases. Tailored solutions for eligible ASB business and rural customers including access to working...
Rare permit to explore offshore for oil
26.3.26 A new prospecting permit application in the offshore Canterbury Basin signals renewed sector confidence in pursuing opportunities in New Zealand’s search for oil and gas, Resources Minister Shane Jones says. New Zealand Petroleum & Minerals (NZP&M) has opened a three-month competitive process for an application submitted by CBX Energy Ltd. The proposal outlines a programme of technical and economic studies, including work on a comprehensive Canterbury Basin development...
KMD in trading halt prior to capital raise
KMD intends to launch a capital raise by way of a placement and AREO in conjunction with the release of its financial results for the half year ended 31 January 2026 (HY26 Results). Today it requested a trading halt while it works through the detail. (Ed: An AREO (accelerated non-renounceable entitlement offer) permits an offer of shares to institutional investors to be accelerated ahead of retail investors, with any shortfall offered in a market bookbuild). KMD has commenced a confidential...
KMD Brands respond to Stokehouse
24.3.26 KMD Brands advised the market this morning that it had received a transacation proposal from a US surfwear company that the KMD board has decided it not in the best interest of KMD shareholders. Stokehouse Unlimited wanted KMD to demerge Rip Curl. With the support of its financial advisors, KMD Brands engaged with Stokehouse with respect to the concept put forward which involved KMD Brands de-merging Rip Curl into a separate NZX and ASX listed company and subsequently merging Rip Curl...
Genesis Energy completes shortfall bookbuild
Genesis Energy reported completion of the shortfall bookbuild component of its NZ$300 million underwritten 1 for 7.9 pro rata renounceable rights offer. The clearing price under the shortfall bookbuild was NZ$2.22 per new share, representing a premium of NZ$0.17 to the application price of NZ$2.05 per new share under the rights offer. Therefore, eligible shareholders who did not take up their rights in full and shareholders who were ineligible to participate in the rights offer will receive...
Large interim loss by Synlait Milk
23.3.26 Synlait Milk Ltd’s half year results for the period ending January 31 are “frustratingly disappointing’; said CEO Richard Wyeth. “They are the result of a period where Synlait faced multiple headwinds and had little choice as to how to deal with them. They reflect a severe lack of optionality, not effort, and they do not define the company’s future – although recovery will take time.” Revenue was $949 million, an increase of $32.23 million. However, Synlait has reported EBITDA loss of...
Strong rise in Fonterra half-year results
23.3.26 Fonterra Co-operative Group’s interim results, released today, showed continued momentum in its performance with revenue rising $1.3 billion to $13.9 billion. Net profit rose to $750m, from $729m in 1H25, with normalised earnings per share of 51c up from 47cps in the pcp. Fonterra announced an interim dividend of 24 cents per share, fully imputed, from continuing operations and confirmed a special Mainland dividend of 16 cents per share, fully imputed, representing 100% of Mainland...
Genesis Energy rights offer raises ~$243m
Genesis Energy successfully completed its $300m underwritten 1 for 7.9 pro rata renounceable rights offer. The offer received strong shareholder support with $242.7m of applications from eligible shareholders. This represents a take-up rate of approximately 80.9%, including the participation of the Crown (which will maintain its 51.00% shareholding following completion of the Rights Offer) Eligible shareholders who took up their rights in full also applied for approximately $48.1 million of...
Strong earnings guidance from Turners Auto
19.3.26 Turners Automotive Group has upgraded earnings guidance for the year ending 31 March 2026, reflecting stronger-than-expected trading performance across all core parts of the business. Based on current trading conditions, Turners now expects net profit before tax (NPBT) before goodwill adjustments to be around $63 million, an increase to previous guidance of “around $60 million” and approaching the previously stated profit target of $65m in FY28. Summer trading has been positive, with...
THL reaffirms market guidance
18.3.26 Tourism Holdings has reaffirmed its existing guidance that underlying NPAT in FY26 is expected to be in the range of $43m and $47m. The update was released to the market prior to a presentation to the NZ Shareholders Association in Auckland. THL advised that this also includes commentary on the impacts of the U.S. / Israel / Iran conflict, noting that: - thl has experienced an immaterial level of immediate cancellations in ANZ rental bookings arising from flight disruptions through the...
Fonterra CEO to step down
16.3.26 Fonterra Co-operative Group Ltd has today announced that Chief Executive Officer Miles Hurrell has resigned. Chair Peter McBride says that after a 25-year career with Fonterra, including eight years as CEO, Miles has decided that the time is right for him to leave the Co-op. “When he was appointed CEO in 2018, Miles was tasked with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust. “Under Miles’ leadership the team has done that...
Taiko retracts recent release
Following a discussion with the NZX’s NZRegCo, and a grading halt imposed by NZRegCo, Tāiko Critical Minerals this morning retracted an announcement made on 11.3.26 referring to a Financial Model Report that TCM had received on that date for its Barrytown Minerals Project on the West Coast. The 11 March announcement contained a number of statements and financial metrics that had been extracted from the Financial Model Report. The Financial Model Report was prepared by an independent advisor...
Record sales by Briscoe in tough year
National retailer Briscoe Group has posted a net profit after tax of $59.2 million for the year ending 25.1.26, just below the $60.6m reported for the previous year Group chair Dame Rosanne Meo said, “Delivering record sales and a solid financial result reflects the strength and resilience of the Briscoe Group business. “The Group has continued to execute well, maintaining strong inventory discipline and cost control while navigating a year that remained challenging for many households and...
Soaring jet fuel costs ground Air NZ guidance
10.3.26 Unprecedented volatility in global jet fuel markets following the recent escalation of conflict in the Middle East, has seen Air New Zealand suspend the earnings guidance it issued on just days ago. On February 26 Air New Zealand provided qualitative guidance that based on current trading conditions and assuming an average jet fuel price of US$85 per barrel for the second half, the airline expected second-half earnings to be broadly in line with, or modestly below the first half, which...
Mainland Group sale unconditional
9.3.26 One of the biggest commercial transactions in NZ corporate history has progressed with Fonterra Co-operative Group Ltd confirming that the agreement to sell its global consumer and associated businesses, Mainland Group to Lactalis for $4.22 billion is now unconditional. All required regulatory approvals have been received and the separation of Mainland Group from Fonterra is complete. With all conditions of the sale satisfied, Fonterra and Lactalis will now proceed to complete the...
Genesis opens rights offer
4.3.26 Genesis Energy has opened its underwritten 1 for 7.9 pro rata renounceable rights offer to raise approximately $300 million. The rights offer is part of Genesis’ equity raise announced on 23.2.26 to accelerate its pipeline of growth opportunities. This offer follows the successful completion of Genesis’ NZ$100m underwritten placement of new shares to existing shareholders (including the Crown) and new investors. Eligible shareholders may apply for 1 new share for every 7.9 existing...
Investment sentiment split
3.3.26 Investor confidence has lifted to 11% according to ASB’s latest Investor Confidence Survey for the fourth quarter to December 31 2025, a slight increase from 10% in Q3. The lower North Island reported the most significant rise, jumping from 3% in Q3 to 10% in Q4, up 7%. The survey shows New Zealanders’ perceptions of where the strongest investment returns lie. For the first time in years, owning your own home or having a property investment are no longer seen as providing the best...
Michael Hill gains momentum in 1H26
2.3.26 The Michael Hill International Group delivered a materially stronger operating performance in 1H26 with a new customer-centric strategy showing early rewards., MHJ delivered revenue of $371.0m, up 3.0%, supported by solid performances in Australia and Canada and a return to positive sales growth in New Zealand. Group same store sales increased by +3.8% in local currency, reflecting excellence in execution of product, brand and promotional initiatives. Gross margin remained broadly in...
