F&P Healthcare drags NZX 50 lower
New Zealand’s benchmark equity index fell on Wednesday as its largest stock, Fisher & Paykel Healthcare, slipped almost 4% and the central bank said it would raise interest rates further.
The S&P/NZX 50 Index fell 73 points, or 0.7%, to 11,173.37. Turnover was $177 million.
Fisher & Paykel Healthcare was the biggest drag on the index, falling 3.9% to $19.90 after it reported full year earnings in line with expectations but without much future guidance.
The manufacturer’s net profit fell 28% to $376m and revenue dropped 15% to $1.7 billion as covid-related demand for ...MORE»
Government needs to better fund FMA: IndustryWednesday, May 25th, 7:36AM
The financial services sector fears the Government is pulling back on its funding of the Financial Markets Authority (FMA) at the same time as it is loading it with greater responsibilities. MORE» |
Fund managers seek clarity on FMA’s expectations on fees and commissionsTuesday, May 24th, 6:06AM 4 comments
Fund managers are beginning to stick their heads over the parapet in the wake of the release last week of the FMA’s Valuer for Money report into KiwiSaver and managed fund fees. MORE» |
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[The Wrap] Three things we learnt from the FMA Value for Money report
Here are three things we learnt from the Financial Markets Authority Value for Money report. While there is some good stuff in the report there are also things the industry should be worried about.
I’ve read a lot of reports in my decades covering financial services, and the latest tome from the FMA on Value for Money is unique. Largely because of the way it is written.
Clearly the author(s) think they know more than fund managers – even though their experience as money managers is not disclosed.
To refute arguments with phrases like “this is nonsense” (used twice) isn’t ...MORE»
Fund managers silent on FMA’s hard-hitting fees and commissions reportFriday, May 20th, 8:28AM 1 comment
Fund managers were yesterday ducking for cover when asked for on-the-record comment on a scathing FMA report, released on Wednesday, about fees and commissions charged to investors in KiwiSaver and other managed fund schemes. MORE» |
[WATCH] Dealing with drawdownsThursday, May 19th, 9:48AM 2 comments
Investors may be worrying about their current returns, but even if you had the best possible portfolio it is impossible to avoid drawdowns. MORE» |
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Voluntary savings continue in KiwiSaver – ASB
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