NZ sharemarket rises as US Fed slashes rates

The trans-Tasman sharemarkets fared better than their American counterparts following the Federal Reserve's cut in “the jumbo interest rate”.

The S&P/NZX 50 Index had a rocky session but closed at 12,12,665, up 78.02 points or 0.62%. The S&P/ASX 200 Index was up 0.59% to a record high of 8,189.8 points at 6pm NZ time.

The US Federal Reserve sliced its cash rate by 0.5% to 4.75-5% - the first interest rate cut in four years. Outside of the emergency rate reductions during covid, the last time the Fed cut by 0.5% was in 2008 during ...MORE»

[GRTV] Perpetual Guardians growth plans Wednesday, September 18th, 10:22AM Perpetual Guardian chief executive Patrick Gamble tells Philip Macalister about the firm’s plans to grow its funds management and financial advice business. MORE»

Fund managers ask for a pause in auditing of climate reports Tuesday, September 17th, 5:16AM Fund managers want the government to delay the audit requirement for emissions data in fund climate reports. MORE»

A tale of two villages – steady SUM and a RYM reckoning

The post-COVID era has been incredibly difficult for many. In the context of NZ equities, perhaps none more so than the retirement village (RV) sector which has been stung by both higher interest rates and a weaker housing market.

By Sam Arcand, Investment Analyst, Mint Asset Management

Ryman Healthcare (NZX:RYM), once the flag-bearer for the listed RV sector in NZ is down ~50% since 31-Mar-20. For comparison, Summerset Holdings (NZX:SUM) is up over ~100%. In terms of our funds, we have fortunately been on the right side of this equation. Our process was instrumental to us making the right stock call.

To set the stage, ...MORE»

AMP moves ANZ money to BlackRock Friday, September 13th, 9:02AM  1 comment ANZ has completed the closure of its wholesale funds management business with mandates moving to new managers. AMP explains what it has done with the funds managed by ANZ for its KiwiSaver and New Zealand Retirement Trust products. MORE»

Financial advisers urged to approach AI adoption with caution, FMA report says Friday, September 13th, 7:21AM Financial advisers must adopt a cautious and risk-focused approach when integrating artificial intelligence (AI) into their operations, according to a new report by the Financial Markets Authority (FMA). MORE»

News Bites

Fin Advice partnership extended

Financial Advice New Zealand extends partnership with Massey University’s Fin-Ed Centre. MORE»

GoodReturns TV

[GRTV] From infantry to insurance, protection is a common thread

Four months after stepping into Naomi Ballantyne’s shoes, new Partners Life CEO Michael Weston, says he’d be naive to say the idea of taking the company forward wasn’t a bit daunting. MORE»

A tale of two villages – steady SUM and a RYM reckoning

The post-COVID era has been incredibly difficult for many. In the context of NZ equities, perhaps none more so than the retirement village (RV) sector which has been stung by both higher interest rates and a weaker housing market. MORE»

Sponsored by:

I’m a life insurance adviser not a tax adviser!

[Opinion] Unless you are a tax expert you should not give tax advice.  But does this mean life and health insurance advisers can simply ignore tax when it comes to giving advice? MORE»

TMM Online

[Podcast] TMM Ep3 Adrienne Begbie - Prospa

Prospa NZ managing director Adrienne Begbie joins the TMM Better Business podcast to discuss opportunities for mortgage advisers. Here's some of the things she covers in this podcast. MORE»

Sponsored by:

ANZ responsible investing chief heads to new pastures

Former FMA executive to take over ANZ Investments Responsible Investment team. MORE»

Sponsored by:

Sharesies KiwiSaver adds multiple-base fund selection

Sharesies KiwiSaver members can now combine multiple base funds instead of having to choose only one for their KiwiSaver scheme. MORE»