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MARKET CLOSE: NZ shares rise as Fletcher extends gain

Article – BusinessDesk

May 23 (BusinessDesk) – New Zealand stocks rose, led higher by Fletcher Building as the construction company extended a recent rally. Metro Performance Glass jumped 13 percent after meeting its downgraded earnings guidance. Read more »

NZ dollar eases as US-China trade war, Brexit saga drag on

Article – BusinessDesk

May 23 (BusinessDesk) – The New Zealand dollar was slightly weaker as indications of softness in the domestic economy added to worries about the United States-China trade war and the ongoing Brexit saga. Read more »

OceanaGold less confident in regulatory regime

Article – BusinessDesk

May 23 (BusinessDesk) – OceanaGold says the surprise rejection of a land purchase for a new tailings facility has reduced its confidence in this countrys regulatory settings. Read more »

INFINZ says RBNZ bank capital proposals lack analysis

Article – BusinessDesk

May 23 (BusinessDesk) – The Reserve Bank has provided insufficient material and analysis of its dramatic bank capital proposals, and they warrant a level of scrutiny proportionate to the magnitude and breadth of its potential impacts on the wider … Read more »

UPDATE: Fonterra says more assets under review

Article – BusinessDesk

May 23 (BusinessDesk) – Fonterra Cooperative Group narrowed the range for its forecast payout to farmers this season, cut its earnings guidance and says it may sell more assets as it slims down its operations and focuses on its core business. Read more »

Spark scolded for misleading customers on price hike

Article – BusinessDesk

May 23 (BusinessDesk) – Spark New Zealand has been told off by the Commerce Commission for the way it hiked copper-line broadband prices last year when it didn’t let customers know they could cancel their agreement. Read more »

UPDATE: Metroglass’ woes drag annual net profit down 69%

Article – BusinessDesk

May 23 (BusinessDesk) – Metro Performance Glass blamed “significant challenges” in Australia for a 69 percent plunge in annual net profit and a slide in operating earnings consistent with the firm’s March downgrade. Read more »

Zespri annual profit jumps 77% on higher kiwifruit sales

Article – BusinessDesk

May 23 (BusinessDesk) – Zespri Group says annual profit rose 77 percent as the fruit export marketer benefited from growing global sales of kiwifruit and bigger fees from the licensing of the SunGold variety. Read more »

Freightways says express package growth slowed in 2H

Article – BusinessDesk

May 23 (BusinessDesk) – Freightways says softer express package business growth in the second half poses some risks for the 2020 financial year. Read more »

BUDGET 2019: NZ debt target to be more flexible from 2022

Article – BusinessDesk

May 23 (BusinessDesk) – The government remains committed to reducing net debt to 20 percent of gross domestic product by 2022 but plans to shift to a target range rather than a single figure, says the finance minister. Read more »

Argosy annual profit climbs 36% on revaluation gains

Article – BusinessDesk

May 23 (BusinessDesk) – Argosy Property lifted annual profit 36 percent as it benefited from a sharp increase in the value of its property portfolio, and paid a slightly bigger dividend than expected. Read more »

Sanford earnings hit by vessel impact from crew death

Article – BusinessDesk

Fishing company Sanford reported an 8 percent decline in first-half operating earnings after the death of a crew member kept one of its deep water vessels in port for three months. Read more »