tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, December 4th, 9:26AM

Investments

rss
The Markets

NZ shares edge up as market positivity continues

New Zealand’s market edged up again today, ending the week on a high as it added to January's gains.

Friday, February 3rd 2023, 6:20PM

by BusinessDesk

The S&P/NZX 50 index rose 45 points, or 0.4%, to 12,197.15. Across the main board, 47 stocks fell and 77 rose. Turnover was $112.5 million.

The annual sales update of retailer Briscoes was the big news on the index today, Hobson Wealth Partners director Brad Gordon told BusinessDesk.

“Briscoes was a really strong update, considering the macro conditions that they've been facing in the last year, and the share price reacted positively,” he said. “But I guess you almost have to wonder whether that's the worst of the macro that they'll face.”

Briscoe Group reported full-year sales of $785.9m, up 5.6% on the previous year, with almost a fifth coming through online channels. 

The retailer now expects a record net profit of over $88m when it announces full-year results and a final dividend later in March.

The stock ended the day up 2.6% to $4.75.

On the topic of the looming earnings season, the market would be keeping a sharp eye on what Fletcher Building reported, Gordon said, especially now that the building company stood to gain from repair work resulting from the flooding in Auckland over the past week.

Fletcher Building ended the day down 3% to $5.50.

Church-management software company Pushpay was flat at $1.30 after announcing to the market today that an independent valuation of the company had found a takeover offer fell barely within the recommended range.

Index heavyweight Mainfreight jumped 5.2% to $74.10, helping to pull the market higher, while general insurer Tower was down 1.5% to 65.5 cents.

Rival IAG told the ASX earlier today that more than 15,000 claims have been lodged across the insurer's AMI, State, NZI and partner brands as of today.

IAG said a preliminary assessment of expected claims from the Auckland event had indicated that the natural perils cost impact, net of reinsurance, would be at the $236m retention level. 

Overnight, the Bank of England (BoE) raised its rates by 50 basis points, which was expected and also – pleasingly – indicated that the bank’s tightening cycle might be nearing an end.

The European Central Bank also hiked its rates by 50bp but took a more reserved position than the BoE on cutting back hikes.

The NZ dollar was at 64.73 US cents at 3pm in Wellington, edging down from yesterday’s high of 65.27 US cents at the same time.

Tags: Market Close

« NZ dollar jumps almost one US cent following Fed hikeEarnings season countdown begins as RBA hikes 25 basis points »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Partners kills its matrix
    “@Backstage, thanks. I agree there is no relationship to CoFI, though, from a service perspective, I have two other providers...”
    5 hours ago by JPHale
  • Partners kills its matrix
    “Partners Life has decided to stop using its COM for advisers as it believes the system may breach the CoFI regulations which...”
    22 hours ago by Amused
  • Partners kills its matrix
    “Insurance companies should stick to their lane. They are not advisers and even those that employ advisers should not be crossing...”
    1 day ago by Tash
  • [GRTV] The nitty gritty of Smart’s ETFs
    “Advisors should consider all gateways into investment markets including cheaply priced ETFs to provide access to low priced...”
    1 day ago by Pragmatic
  • DRS member or not - client care remains advisers’ responsibility
    “FAPs are members of DRS too. Substitute “adviser” for “FAP” and the story is actually a lot more accurate. If...”
    2 days ago by Aggressively_passive
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 ▼5.79 ▼5.59 5.69
Co-operative Bank - Standard 6.95 ▼6.29 ▼6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society ▼7.94 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 6.49 6.49
TSB Special 7.39 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac ▼7.39 ▼6.39 ▼6.09 ▼6.19
Westpac Choices Everyday ▼7.49 - - -
Westpac Offset ▼7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - ▼5.79 ▼5.49 ▼5.59
Median 7.49 5.99 5.79 5.69

Last updated: 4 December 2024 9:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com