Burberry is falling out of fashion and FTSE 100?

Burberry Group Plc is on the verge of exiting the FTSE 100 Index, Kamala Harris formally accepted the Democratic presidential nomination, Spark has reported a 72% drop in full year net profit, Shein reveals child labour cases as it steps up supplier audits, Class action against ASB and ANZ could have 100,000 customers, and a probe into Trump shooting links gunman to NZ ‘encrypted messaging account’.

August 24, 2024

Good Morning,

Burberry Group Plc is on the verge of exiting the FTSE 100 Index, Kamala Harris formally accepted the Democratic presidential nomination, Spark has reported a 72% drop in full year net profit, Shein reveals child labour cases as it steps up supplier audits, Class action against ASB and ANZ could have 100,000 customers, and a probe into Trump shooting links gunman to NZ ‘encrypted messaging account’.

Let's jump in.

Before The Bell

Markets

  • NZ shares snapped a four-day decline as Fisher & Paykel propelled the benchmark index higher, signalling strong first-half earnings growth and overshadowing slumps for Fletcher Building and Spark (GR)

Earnings and Data

  • Port of Tauranga net profit down more than $25m on previous year (RNZ)

  • Pāmu registers $26m full-year loss. Revenue dropped 2.8% to $282m - with livestock revenue down $4m on the prior year to $103m, reflecting softer livestock pricing (RNZ)

  • Spark has reported a 72% drop in full year net profit, with revenue down 14 percent (RNZ)

  • NZX receiving positive signals on capital market changes with revenue in the six months to June 20 2024 was up 7% to $57.8m (NBR)

  • Fletcher Building posted the biggest decline on the benchmark index, falling 8.5% to $3 on a volume of 3.2m (GR)

  • Harmoney shares slumped as much as 19% on Friday after the company announced lower full year profits, with reported profit being A$700,000, down 85% (NBR)

  • Peloton shares soar 35% (CNBC)

News Summary

  • Class action against ASB, ANZ could have 100,000 customers (RNZ)

  • Fletcher subsidiary Winstone Wallboards to be charged over customer rebates (RNZ)

  • Shein reveals child labour cases as it steps up supplier audits (RNZ)

  • Report finding bias and structural racism in NZ police 'unsurprising', Māori academic says (RNZ)

  • Probe into Trump shooting links gunman to NZ ‘encrypted messaging account’ (Stuff)

  • Disgraced former lawyer Davina Reid fails to get last ditch appeal (Stuff)

  • St John ambulance workers set to walk off job again (Stuff)

  • Delmaine antipasto products recalled following listeria fears (Stuff)

  • Fire in Whittaker’s chocolate factory, one person treated for smoke inhalation (Stuff)

  • Infamous NZ businessman Mark Bryers found guilty following six-month Aus tax scam trial (NBR)

  • Burberry Group Plc is on the verge of exiting the FTSE 100 Index (BBG)

  • Vice President Kamala Harris formally accepted the Democratic presidential nomination (BBG)

  • Taliban codify morality laws requiring Afghan women to cover faces, men to grow beards (RT)

  • Germany examining whether any available mpox vaccines could be donated (RT)

  • China's Xi talks AI cooperation in call with British PM (RT)

  • Ozempic on Wall Street's list for 2027 Medicare drug negotiations (RT)

Deal Flow

Debt

  • The statutory manager of Du Val estimates creditor and investors are owed at least $250mil in the property group’s collapse (NBR)

Daily Picks

  • What is recession pop and why is it so good? (Stuff)

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