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The Markets

NZ market in waiting mode as investors wait for central banks' decisions

New Zealand’s domestic market was kept busy today with a smattering of company announcements while investors wait for multiple central banks to announce new monetary decisions.

Tuesday, January 31st 2023, 6:05PM

by BusinessDesk

The S&P/NZX 50 index fell 66.5 points, or 0.6%, to 11,967.72. Across the main board, 82 stocks fell and 51 rose. Turnover was $154 million.

Craigs Investment Partners’ Peter McIntyre said the NZX 50 had risen 4.9% in January so far – making it the strongest monthly gain NZ’s market had seen since August 2021.

Central banks are in the spotlight this week as monetary policy decisions come out from the US Federal Reserve, European Central Bank, and Bank of England. 

“The market has made up its mind that a 25 basis point hike is a go in the States,” he said.

Markets will also be keeping an eye out for fresh new economic data out of the US, China, and Europe, he added.

Shares in Task Group leapt almost 15% earlier today after the firm – formerly known as Plexure – said it had generated positive cash flow in the December quarter and was still on track to hit its upgraded earnings guidance.

The hospitality service firm ended the day up 11.4% to 39 cents.

Carpet manufacturer Bremworth also had a good day and rose 13% to 52 cents. Agribusiness Scales Corp was up 3.7% to $4.24.

Savor Group shares went in the other direction today, falling 8.3% to 44 cents. The share drop followed the restaurant and bar owner announcing it wants to raise $3.25m to repay its short-term debt to get ahead of rising interest rates.

Savor said five shares would be offered for every 44 shares held by existing shareholders on Feb 10.

Travel booking and expense management company Serko had an excellent week on the index last week with its share price increasing by 23.2%.

In a report equity research firm Forsyth Barr released today, analysts Andy Bowley and Mark Robertson said corporate travel recovery was in “full swing”.

“We now expect Serko to comfortably exceed its pre-covid level of travel booking transactions in FY23, with Australasian business travel appearing to have recovered in full,” they said.

“Most promisingly, Serko’s customer base appears to not be dissuaded by current high fares and displays a willingness to spend more on corporate travel.”

Ryman Healthcare edged up 0.6% to $6.89, while Radius Residential Care had one of the bigger falls on the market today – down 6.5% to 29 cents.

Other decliners today were Skellerup, which fell 4.8% to $5.33, and Eroad, down 4% to 95 cents.

Today, the NZ dollar was at 64.68 US cents by 3pm in Wellington, up from 65.00 US cents at the same time yesterday.

Tags: Market Close

« Impact of Friday's flooding felt on share marketNZ market jumps up ahead of Fed decision tomorrow »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 26 February 2024 9:10am

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