US dollar weaker after Powell conference
The latest policy update by the US Federal Reserve didn’t offer any surprises but US rates and the US dollar fell during chair Jerome Powell’s press conference, according to BNZ Markets today. “The clear message was one of an easing bias, with a rate hike “unlikely”,” commented Jason Wong , senior markets strategist.” As we go to print, US Treasuries are down around 10bps on the day and the NZD is trading at its highs, up towards 0.5940. The Fed kept policy steady and introduced new language...
Christie steps down at ikeGPS
ikeGPS Group announced that non-executive director Rick Christie, effective 1.5.24 , stepped aside from the IKE board. Rick Christie was the company’s chair from the time of its listing, as a very early stage business in 2014, and then a non-executive director for the past three years or so. IKE chair Alex Knowles said: “Over the past nearly ten years years Rick has been a vital member of our Board while we have launched and built a software business addressing the needs of the North American...
Sales perk up for Resturant Brands
1.5.24 The equity market reacted positively to Restaurant Brands Q1 sales results today. The share price improved by 12c to $3.12. RBD total sales for 1Q24 (to 31.3.24) at $333.0m, were up a strong $24.4m (+7.9%) increase on the pcp. Strong sales growth in the New Zealand and Hawaiian markets offset slowing sales growth in Australia and negative sales growth in California. Cost of living pressures, driven by inflation and elevated interest rates, continue to impact consumer spending in all...
NZ Market Report 1.5.24
There were few gainers on a subdued NZX market today as the local bourse reacted sluggishly to the drop in US markets overnight. The NZX50 index lost 89.92 points to 11,867.58. The RBNZ is expected to leave the Official Cash Rates untouched in NZ in this week’s review, despite negative labour rates news today. The US Federal Reserve is expected to also remain unmoved in its imminent policy decision. The Dow Jones plunged 570.17 points last night at 37,815.92. The Nasdaq market dropped...
US economic data jolts market
Investor risk sentiment was undermined into April month end by US economic data that revealed persistent wage pressures and a sharp fall in consumer confidence, says BNZ Markets this morning. The S&P fell close to 1% and looks set for its weakest monthly performance since September, notes Stuart Ritson. European stocks were also under pressure. Global bond yields moved higher and the US dollar advanced. The employment cost index (ECI), which is closely monitored by the Federal Reserve,...
George Adams elected as Synlait chair
1.5.23 (9.30am Synlait Milk’s board has elected George Adams as chairman with Dr John Penno, the company’s Co-Founder and board appointed director stepping down. Adams was appointed as an independent director of Synlait in March 2024 to fill a casual vacancy. His transition to the chair role follows the previously signalled plan that acting chair Paul McGilvary would return to his position as an independent director once a permanent successor was found and elected. George Adams was elected...
David Mair to lead Sanford
1.5.24 (8.55am) Seafood exporter Sanford Ltd has pulled off a management coup by appointing a current Sanford director David Mair as its new Chief Executive Officer. "The appointment follows a thorough process to identify and consider suitable candidates," said Sanford. David Mair has significant leadership experience. He was a highly regarded CEO of NZX-listed Skellerup Holdings Lid from 2011 until earlier this year. He was also involved in a2 Milk from 2008 until the company listed on the...
NZ Market Report 30.4.24
The NZ sharemarket had a further firm trading session today, with the NZX50 index rising 41.26 to 11,957.50. Serko shares jumped 17.35% after it advised it has signed a five-year contract with Booking.com, an existing partnership, and updated the market on FY24 revenue. The share price rose 55c to $3.73. A2 Milk added 20c to $6.69 and F*P Healthcare continued to climb, today gaining 48c at $28.47. Vulcan Steel jumped 52c at $8.30 – a rise of 6.68%. Mercury NZ gained 11c at $6.38 and Meridian...
Serko signs 5-year deal
30.4.24 Travel platform Serko has signed a 5-year partnership renewal with booking.com This is regarded as a significant milestone for Serko’s growth ambitions. The five-year term will run from April 2024 to March 2029 Serko also provided unaudited FY24 trading update ahead of audited full-year results Both Booking.com and Serko remain committed to scaling Booking.com for Business, providing an easy-to-use business travel platform for businesses and business travellers globally. Serko CEO and...
Volatile session for the Yen
Risk appetite is slightly higher at the start of the new week, notes BNZ Markets this morning. The key market movement has been yen volatility, with signs of official intervention after the currency cratered in early Asia trading. USD/JPY has traded within a 3.5% range and has settled around 156. The USD is broadly weaker, and the NZD has pushed up towards the 0.60 mark. Global rates are modestly lower. “In illiquid trading conditions in early Asia yesterday, with Japan on holiday, the yen...
