Nokia has turned heads at the Mobile World Congress conference by launching a new smartphone that consumers can fix by themselves. Repair guides and tools from iFixit will allow users to remove and replace the Nokia G22′s back cover, battery, screen and charging port for easy repair. Nokia’s move comes as the European Parliament calls for legislation requiring manufacturers to give users the right to repair, and Apple launches a self-service repair program across eight European countries.
Also at the event, Chinese cellphone maker Xiaomi has launched a new flagship US$1000 smartphone, the Xiaomi 13 and Xiaomi 13 Pro. Analysts are suggesting that this move by Xiaomi, which has traditionally sold cheaper phones, is aimed at taking share of the high end cellphone market from Apple and Samsung. Xiaomi has been under pressure following a loss in its September quarter, and its 2022 smartphone sales declining by 26 per cent compared to the prior year.
Meanwhile across the Atlantic, the UK and EU have agreed to a new trade deal with the European Union, which addresses trade issues with relation to Northern Ireland. The British pound and Euro both made gains against the US dollar on the announcement, up 0.9 per cent and 0.7 per cent, respectively.
Australia
The ASX 200 fell 1.1 per cent yesterday following stronger than expected inflation data out of the US over the weekend.
Leading the market down was engineering services firm Downer EDI, which dived 23.7 per cent after the company provided a profit warning, along with more clarity on what it referred to as ‘accounting irregularity’. Downer disclosed that earnings from a range of services under a contract had been misreported since the contract’s inception in April 2020, with revenue recognised earlier than it should have been.
Qantas announced the hiring of former Air New Zealand chief commercial and customer officer Cam Wallace to lead its international business. Media have speculated on plans for the former Air New Zealand executive to be a potential successor for the current CEO, Alan Joyce, who is expected to retire later this year.
New Zealand
Retirement village operator Ryman Healthcare’s tradeable rights almost halved in value yesterday, with the share price falling on news that the company was being ‘assessed’ by stock market regulator NZ RegCo for its compliance with continuous disclosure obligations. Ryman’s shares now trade at $5.22, just 22 cents above the rights offering price of $5.00 per share.
Michael Hill rose 5.5% after reporting its interim results yesterday, alongside announcing it would be developing a bespoke diamond jewellery brand with a focus on digital customisation. The new product offering, which is expected to be launched later this year, is said to be the first of its kind offered locally. Michael Hill also focused on its sustainability ambitions at the result, announcing a circular economy offering called re:new – which would encourage recycling of jewellery.
Genesis Energy also reported its half year results yesterday, delivering earnings of $298 million and an interim dividend of 8.8 cents per share. Genesis shares closed down 0.7 per cent for the day.
Meanwhile, transportation technology company EROAD gained 6.7 per cent after it narrowed its revenue guidance while holding announcing an investor day in Sydney in March next month.