NZ Sharemarket Pumps Up

February 03, 2024

Good Morning,

Healthcare heavyweight leads NZ sharemarket upwards, the Australian sharemarket set another record on Friday, Zuckerberg apologises to child abuse victims in US Senate hearing, October 7 victims sue Binance for ‘aiding and abetting’ Hamas, and Auckland University is seeking legal advice after a "miracle-cure" scam used fake quotes from Sir Ashley Bloomfield to sell sham health products.

Let's jump in.

Before The Bell

Markets

  • Heavyweight Fisher & Paykel Healthcare had a strong rise, leading the New Zealand sharemarket to its highest level in nearly six months. (GR)

  • The Australian sharemarket set another record on Friday for the second time this week, fuelled by a rally in interest rate-sensitive technology and real estate stocks as investors step up their rate-cut bets. (AFR)

  • The US commercial real estate market has been in turmoil since the onset of the COVID-19 pandemic. But New York Community Bancorp and Japan’s Aozora Bank delivered a reminder that some lenders are only just beginning to feel the pain. (AFR)

Earnings and Data

  • Apple has ended the quarter with its first revenue gain in over a year with US$119.58bn in revenue and $2.18 in earnings. (Guardian)

  • Briscoe Group has reported another year of record revenue of NZ$792 million, up 0.8 per cent from the total last year, $785.9m. (NBR)

  • Panasonic Holdings posted a rise in third-quarter operating profit for its battery-making energy unit on Friday, helped by stronger sales in North America, and kept its full-year profit forecast for the segment. (RT)

News Summary

  • Auckland Central MP Chlöe Swarbrick has confirmed she is running to replace James Shaw as co-leader of the Green Party. (NBR)

  • Michael Hill International has been ordered to pay A$2,259,971.40 plus interest and costs to packing company Gispac for breach of contract, after the former failed to fulfil terms and conditions it had not read. (NBR)

  • Telco 2degrees has laid out a stark argument in its submission to the Commerce Commission about One NZ’s proposed takeover of Dense Air, a small firm that owns a big chunk of 5G spectrum. (Herald)

  • Auckland University is seeking legal advice after a "miracle-cure" scam used fake quotes from Sir Ashley Bloomfield to sell sham health products. (RNZ)

  • Zuckerberg apologises to child abuse victims in US Senate hearing. (Stuff)

  • October 7 victims sue Binance for ‘aiding and abetting’ Hamas. (Stuff)

  • NZ retail spending had a slight lift in January while hospitality spending dropped 1.4 per cent. (Herald)

  • Several flights out of Wellington were cancelled, delayed or diverted on Friday due to high winds. (RNZ)

  • Nearly 400 people have marched down the main street of Kaitāia in a show of support for Te Tiriti o Waitangi. (RNZ)

  • Two days after Godfreys Group went into voluntary administration, five of its New Zealand stores were closed. (Stuff)

  • Ex-PwC partner sues firm over retirement payments. (AFR)

  • Taylor Swift’s sold-out Eras tour is expected to produce a new post-pandemic high in accommodation and tourism spending, with hotels in Sydney and Melbourne reporting they are almost sold out. (AFR)

  • Meta Platforms issued its first dividend days ahead of flagship social network Facebook's 20th anniversary. (RT)

  • NVIDIA Corp experienced a record-breaking surge in market value in January, the largest monthly increase ever. (RT)

Deal Flow

Investments / M&A

  • Brookfield has agreed to sell Autocare, the auto logistics unit of Linx Cargo Care, to Japan's Optimus Group for an undisclosed amount. Autocare, the No.2 player in the market, is expected to grow in direct-to-customer supply and new market segments like electric vehicles. (AFR)

  • The Bank of Queensland is selling its $238 million New Zealand portfolio to non-bank lender UDC Finance, which is owned by Japanese financial group SBI Shinsei Bank Group. The transaction is expected to result in a post-tax loss of about A$17m to A$20m for the Bank of Queensland. (Herald)

Daily Picks

  • Madeleine McCann lookalike breaks silence, reveals why she claimed to be missing girl. (Herald)

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