Broker Comment

Kiwi dollar powers upwards

The NZ dollar continued to power higher, ending the week above the 0.64 mark for the first time in over three months while the NZD/AUD cross hit 0.94 for the first time since January, notes BNZ Markets. “ NZ rates were sharply lower on Friday, with the market starting to question whether the RBNZ will need to take the OCR to a 5.50% peak after all,” says senior interest strategist Nick Smyth. “In news over the weekend, several major Chinese cities announced further loosening of Covid...

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MARKETWEEK:  An end to the new tasting menu for 2023

// Warren Head The short but jam-packed season of New Zealand half yearly results has ended, summer has started poorly and property values and consumer spending have retrenched. The results board shows a number of ‘own’ goals, ambitions being recalibrated, and some small fry showing some real dash. It all adds up to a taste of what companies are recording as they proceed through the second half of the 2023 financial year. AT the end of it all, a handful of heavyweights will likely walk off the...

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ASX loses ground

2.12.22 The Australian sharemarket wrapped the final session of the week around session lows, snapping three straight days of gains in the process, with the ASX 200 falling 0.7 per cent or 52.9 points to 7,301.5. Energy and Financials were some of the worst performing sectors, driven by a 2.6 per cent fall in Woodside Energy (WDS), and a decline across the Big 4 banks, noted CommSec. Gold miners rose and were helped by the gold futures price rallying 3 per cent and touching 3½ month highs...

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NZ Market Report 2.12.22

  The national sharemarket finished the week on a soft note, easing off by 12.71 points to 11,641.85 on the NZX50 index. Aussie banks led the retreat, the ANZ shares off 54c at $26.36 and Westpac down 51c to $25.22. F&P Healthcare shed 27c to $24.05.  Vulcan Steel and Ryman each drifted down 6c. New listing Blackpearl, a SaaS business started with a listing valuation of $1.25.  The business model is to offer applications that improve the effectiveness of how companies communicate via...

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Synlait well placed in changing IMF scene

2.11.22 The key message from Synlait Millk’s AGM held Friday at Christchurch’s new convention centre was that the business is well positioned as the Chinese infant formula market changes shape Chairman John Penno noted the active engagement with the top eight infant formula brand owners in the Chinese market. In FY23, Synlait was also approved as a third party manufacturer (TPM) of paediatric powders with a leading China-based infant formula brand. Penno says Synlait is can potentially gain...

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Blackpearl joins the bourse

2.12.11 A new listing on the NZX on Friday 2.12.22, Blackpearl Group increased the size of the technology sector of the market. The company builds, acquires, and markets data-driven cloud services, consisting of a suite of productivity and demand generation applications for small and medium-sized businesses (SMB). The comopnay’s listing profile gives as the reason for listing on the NZX as part of its growth strategy as it will provide the opportunity to enhance the company’s profile and...

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Greenback drops, Kiwi rises

2.12.22 The USD remains under pressure, falling further after Fed Chair Jerome Powell’s speech yesterday and some softer overnight data helping sustain the move, notes BNZ Markets. “The NZD traded as high as 0.64 overnight, continuing its outperforming run while NZD/AUD continues to appreciate,” says Jason Wing, senior markets strategist. “JPY and GBP have also put in very strong performances over the past 24 hours. US Treasury yields have pushed lower while the S&P500 has eased back after...

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ASX at 7-month high

The Australian share market closed higher, reaching 7 month highs in the process, buoyed by positive sentiment from Wall St overnight, comments CommSec. This is off the back of comments by the Chairman of the Federal Reserve signalling a slowing down in the pace of rate hikes. The ASX 200 index rose 1 per cent or 70.2 points to 7354.4. 9 (of 11) sectors gained ground. Materials were the best performing sector, driven by iron ore and gold miners with Ramelius Resources (RMS) being the best...

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NZ Market Report 1.12.22

Against the backdrop of a sharp rally on Wall Street, the NZ market closed 102 points higher this evening at 11,654.52 on the NZX50. During the trading day in the US, Federal reserve chairman Jerome Powell said in an address that the fight for inflation isn’t over but added the Fed could start to scale back interest rates – as soon as this month.  Wholesale prices came in below expectations. Powell’s address stunned financial markets and the Dow Jones surged 737.24 points or +2.18% to...

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Restaurant Brands executive moves

1.12.22 Restaurant Brands New Zealand’s CEO for the New Zealand Business, Arif Khan, will take on the position of Global Chief Operating Officer (COO), effective today. After Russel Creedy retires, he will be appointed Acting Group CEO. In addition CPA Julio Valdés has been appointed Group Chief Financial Officer, effective 1.6.23 takeover for Grant Ellis whose retirement is scheduled for 31.5.23. Arif Khan’s extensive career spans more than 25 years in the hospitality and Quick Service...

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