NZ sharemarket gets a boost

February 08, 2024

Good Morning,

New Zealand shares, staging a quick turnaround, were inspired by two sets of economic data, Parents of a former Long Bay College student have laid a complaint with the Ministry of Education and investigated taking legal action over the alleged mistreatment and over-sedation of their epileptic son by school staff, Prime Minister Christopher Luxon has clearly ruled out his party supporting the Treaty Principles Bill beyond select committee and Passengers caught up in the Ruby Princess cruise ship outbreak could be on the hook for a hefty legal bill after rejecting an early $15 million settlement offer from the cruise line.

Let's jump in.

Before The Bell

Markets

  • New Zealand shares, staging a quick turnaround, were inspired by two sets of economic data showing a resilient labour market and fast-improving dairy prices. (Herald)

  • Andrew McCaffery, chief investment officer of Fidelity International, expects the rally on Wall Street to broaden away from the Magnificent Seven tech stocks and into mid-caps if the world’s largest economy pulls off a soft landing. (AFR)

Earnings and Data

  • Siemens Energy swung to profit in its first fiscal quarter on the back of a surge in orders and a one-off gain from selling a stake in its Indian affiliate to parent company Siemens. (CNBC)

News Summary

  • Parents of a former Long Bay College student have laid a complaint with the Ministry of Education and investigated taking legal action over the alleged mistreatment and over-sedation of their epileptic son by school staff. (Herald)

  • South Auckland house builder Compass Homes (Franklin), which put up more than 200 new residences in Pōkeno, has gone into liquidation today. (Herald)

  • Prime Minister Christopher Luxon has clearly ruled out his party supporting the Treaty Principles Bill beyond select committee. (Stuff)

  • A rebel group in Indonesia's eastern region of Papua said on Wednesday it will release a New Zealand pilot it has held hostage for a year. (RNZ)

  • Passengers caught up in the Ruby Princess cruise ship outbreak could be on the hook for a hefty legal bill after rejecting an early $15 million settlement offer from the cruise line. (9 News)

  • The MMA fighter turned actor, who played Cara Dune in the Star Wars series, was accused of “denigrating people based on their cultural & religious identities” on social media in posts that were called “abhorrent and unacceptable”. (Guardian)

  • The investigation by Tibet research groups found the app could monitor users' texts, internet browser histories and access personal data. (BBC)

  • Australia will introduce laws giving workers the right to ignore unreasonable calls and messages from their bosses outside of work hours without penalty, with potential fines for employers that breach the rule. (RT)

  • Microsoft Corp. Chief Executive Officer Satya Nadella urged countries to aggressively invest in artificial intelligence, making the case in India that his birth country has an unprecedented opportunity to drive economic growth by capitalizing on the technology’s promise. (BBG)

Deal Flow

Investments / M&A

  • Mineral Resources has called in the Wall Street giant to sell a 49 per cent stake in its dedicated 150-kilometre private haul road corridor, which connects the Onslow Iron project at Ken’s Bore mine to the Port of Ashburton on the west Pilbara coastline. (AFR)

  • The Carlyle Group nibbles at Red Rooster-owner Craveable Brands. (AFR)

  • Melbourne buyout firm Advent Partners has agreed terms to invest in cloud-based property management system RMS Cloud, marking its second acquisition for the year. (AFR)

VC & Fundraising

  • WA prop-tech start-up RealtyAssist, found itself in need of an emergency cash injection over the Christmas break. According to documents lodged with the corporate regulator, the company spent 2023 loading up with short-term debt to support its growth and plug cash flow issues. (AFR)

Equity Raises

  • Battery and base metals explorer Maverick Minerals, led by ex Breaker Resources CEO Sam Smith, launched its initial public offering bookbuild on Wednesday. (AFR)

Debt

  • Kenya will be able to repay a $2 billion international bond maturing in June, and the repayment should help the shilling recover from record lows, its central bank governor said on Wednesday. (RT)

Daily Picks

  • Black Caps v South Africa: Glenn Phillips shows succession planning on track. (Herald)

  • A Whangārei man had an unusual encounter with a curious whale shark off the Northland coast yesterday afternoon when it swam around and underneath his boat. (Herald)

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