Napier Port on the up as NZ sharemarket rises
The S&P/NZX 50 Index closed up 0.47% or 58.87 points, rising to 12,703.10, with 34,976,932 shares changing hands to the value of $109.5 million.
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Otago Daily Times
12 hours ago
- Otago Daily Times
Synlait loss turnaround ‘will take time'
Canterbury-based milk processor Synlait Milk is anticipating a loss after tax of $27million to $40m after manufacturing challenges at its Dunsandel factory. The company announced to NZX the predicted result for the financial year ending July compared with a $182.1m loss the previous year. Synlait had to deal with manufacturing issues at its Dunsandel facility across a range of products, resulting in one-off costs. The company said the challenges had been resolved. The site is now in new-season production after winter maintenance. Earnings of $50m to $68m before interest, taxes, depreciation and amortisation (ebitda) are up on the previous $4.1m loss. A closing net debt balance of $300m was expected. Synlait expected its underlying net profit would break even for the full year. The company was expecting underlying ebitda of $100m to $110m compared with $45.2m previously. Synlait has yet to close its books for the financial year, and the preliminary update remained subject to the year-end wrap up, including an audit. It continues to comply with its banking covenants. Chief executive Richard Wyeth said in a statement that Synlait had strong foundations and its assets were well-located, with the capacity and capability to manufacture complex products in high demand around the world. "The company's recovery had been tracking in line with expectations and while turnaround will take time, I am confident of success," he said He joined Synlait 10 weeks ago.
NZ Herald
a day ago
- NZ Herald
Increased US tariffs drive NZ stocks lower
Shares in Fisher and Paykel Healthcare took a hit after the US raised tariffs on NZ exports to 15%. Photo / Supplied Reminder, this is a Premium article and requires a subscription to read. Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech. Already a subscriber? Sign in here Access to Herald Premium articles require a Premium subscription. Subscribe now to listen. Shares in Fisher and Paykel Healthcare took a hit after the US raised tariffs on NZ exports to 15%. Photo / Supplied Higher-than-expected tariffs on New Zealand exports to the US drove the sharemarket lower, led by weakness in Fisher and Paykel Healthcare. The S&P/NZX50 Index ended 94.34 points, or 0.74%, down at 12,729.40, with 32 million shares worth $108.1 million trading. There were 86 decliners and 42 gainers on the main board. The imposition by the United States of a 15% tariff on New Zealand goods, up from a previously advised 10%, took the market by surprise. America is a key export destination for F&P Healthcare (FPH), the market's biggest stock, which has extensive manufacturing assets in New Zealand and Mexico.
NZ Herald
2 days ago
- NZ Herald
NZ sharemarket down as Mainfreight, Infratil decline
Craigs Investment Partners investment director Mark Lister said Mainfreight's margins in particular were much lower than investors were expecting. 'It just looks like they've had a really tough start to the 2026 financial year. I think everyone knows and believes that it's a great business for the long term, but over the near term, meaning the next six months to 12 months, uncertainty is high,' Lister said. Craigs analysts also downgraded the business and said the short-term outlook was uncertain, but the firm liked the long-term growth potential of the business. Infratil also had a soft day, falling 3.08% to $11.63, on turnover worth $13.4m. Spark also traded on high turnover with the shares dipping 0.61% to $2.43. Meanwhile, Fisher and Paykel Healthcare rose 0.11% late in the day, lifting its share price to $36.80, as did Contact Energy, which was up 0.22% at $9.11. In the US overnight the Federal Reserve met today, with no change to interest rates. Lister said Jerome Powell was probably a little more hawkish than people were expecting. Tech giants Meta and Microsoft also both released strong results, with Microsoft's reporting profit of US$27.2 billion ($33.4b) because of its AI and cloud growth, while Meta beat expectations, reporting a revenue jump of 22% year-over-year to US$47.5 billion ($58.3b). 'All eyes will be on Amazon and Apple overnight tonight, and then you've got some really big economic releases on Friday in the US including the jobs report, which is a key one.' Overseas news Wall Street stocks finished mostly lower on Wednesday after the Federal Reserve kept interest rates flat and refrained from signalling it will soon cut interest rates. The Fed, as expected, held interest rates steady, despite relentless pressure from US President Donald Trump for an interest rate cut. In a press conference, Fed Chairman Jerome Powell emphasised future monetary policy decisions would depend on economic data. 'Powell sounded more hawkish than what markets were hoping for,' said Angelo Kourkafas of Edward Jones. Futures markets lowered their odds for a September interest rate cut following the press conference and statement, which included no major tweaks that would have implied an imminent interest rate cut. The Dow Jones Industrial Average finished down 0.4% at 44,461.28. The broad-based S&P 500 shed 0.1% to 6362.90, while the tech-rich Nasdaq Composite Index rose 0.2% to 21,129.67. Earlier, economic data showed the US economy returned to expansion in the second quarter, notching 3% growth after a contraction in the first quarter. But GDP in both quarters was heavily influenced by import activity in response to Trump's aggressive trade policy. – Additional reporting AFP Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
