That will soon change. New Zealand’s biggest company Fonterra is providing a business update, and Lister said with the NZ dollar rebounding strongly and dairy prices weakening, there is a possibility the co-operative will lower its farmgate milk pay-out forecast.
“That will be a negative for our economy as a whole.”
The third-quarter New Zealand gross domestic report will be released soon, and at the start of next week United States’ latest inflation figure will be known through the November consumer price index.
“Twenty-four hours later, the Federal Reserve will announce its latest interest rate move, with expectations that the pace of the hikes will slow to 50 basis points instead of 75 basis points. There are also central bank rate decisions in Europe and the UK,” said Lister.
The fragile US investors aren’t now quite so sure about the Fed’s move. The major indices were weaker for the fourth successive session as investors worried about the economy being forced into a recession next year.
Across the Tasman, the S&P/ASX 200 index was down 0.55 per cent to 7251.4 points at 6pm NZ time. The NZ dollar weakened to US63.24c against the American greenback, and crude oil fell again to US$74.43 a barrel.
At home, there were few major moves among the leading stocks.
Fisher and Paykel Healthcare was down 69c or 2.88 per cent to $23.31 on profit-taking; Port of Tauranga shed 12c to $6.19; and ANZ Banking Group declined 55c or 2.12 per cent to $25.45.
Meridian gained 10c or 2.02 per cent to $5.06; Ebos Group was up 36c to $41.70; Spark increased 5c to $5.28; Ventia Services added 5c to $2.91; Restaurant Brands collected 11c to $6.62; Pacific Edge recovered 1.5c or 3.33 per cent to 47c; and Move Logistics was up 2c or 2.17 per cent to 94c.
In the property sector, Goodman Trust increased 2c to $2.07; Property for Industry was up 3.5c to $2.39; Argosy gained 1.5c to $1.18; and Precinct Properties collected 2c to $1.32. Vital Healthcare Trust was down 5c or 2.1 per cent to $2.33.
Fuel import terminal Channel Infrastructure increased 6c or 4.29 per cent to $1.46, despite one of its customers Z Energy apologising for an “off-specification” load that may force fuel rationing.
Carbon Fund was down 1c to $2.27 after the latest auction saw units selling at $79 each, down 7.5 per cent, with only 4.825 million traded as the cost containment reserve was fully allocated earlier this year.
Tourism Holdings declined 9c or 2.48 per cent to $3.54; T&G Global was also down 9c or 2.48 per cent to $3.54; Eroad decreased 3c or 2.5c to $1.17; and Winton Land fell 8c or 4.04 per cent to $1.90.
Other decliners were Geneva Finance decreasing 2c or 4.76 per cent to 40c; Metro Performance Glass shedding 0.006c or 3.16 per cent to 18.4c; CDL Investments down 1.5c or 1.91 per cent to 77c; and Chatham Rock Phosphate falling 1.8c or 9.73 per cent to 16.7c.
Newly-listed software firm Blackpearl Group was down a further 3c or 6.67 per cent to 42c and it now has a market capitalisation of $14.59m, down from its initial $40m.
SkyCity Entertainment was down 3c to $2.69 after telling the market that the Australian Transaction Reports and Analysis Centre is taking federal court action against its Adelaide casino, alleging anti-money laundering contraventions.
This follows an Austrac investigation, beginning in June last year, into SkyCity Adelaide’s compliance with regulatory obligations. Austrac has not yet identified the level of civil penalty it is seeking, but SkyCity said it may be material.
NZ Automotive Investments, down 0.005c to 33.5c, has appointed Paul Millward, New Zealand sales director for DB Breweries, as its new chief executive.
New Zealand King Salmon Investments, falling 2c or 8.51 per cent to 21.5c, has fielded an appeal from McGuinness Institute against the granting of its consent to begin open ocean farming. This follows the appeal by the Department of Conservation seeking changes to certain conditions imposed on the Blue Endeavour consent.
Transport and logistics software firm TradeWindow, unchanged at 65c, has signed an agreement to provide digital trade solutions to Alliance Group, New Zealand’s second-largest meat producer. Alliance will become TradeWindow’s biggest customer by value.