Freight & Oil Climb After Red Sea Attacks

Good Morning,

A 21 year old woman was attacked in Southland shallow waters by a shark, the 25 year old security guard who was murdered on Monday morning in a West-Auckland carpark has been named, a volcano erupts in Iceland after series of earthquakes. Zoom is no longer be a part of the Nasdaq 100 index.

Let's jump in.

Before The Bell

Markets

• It might make sense to fix for a six-month home loan term at the moment, economists at the country’s biggest bank say. (Stuff)

• Business confidence has lifted again as a post-election bounce gains momentum, while important inflation expectations eased, according to ANZ. (NBR)

• After being later than other central banks to hike interest rates the Reserve Bank of Australia might now be late to move into an easing cycle. (NBR)

• The S&P/ASX 200 advanced 0.8 per cent, or 62.7 points, to 7489.1 in broad gains with all 11 sectors flashing green on hopes of rate cuts in 2024. The gauge is now just 1.9 per cent off its record high. (AFR)

Earnings and Data

• Mevo’s revenue had grown from about $1 million in FY20 to about $4.4m in FY23, while its Snowball information memorandum said it was on track for profitability by the 2025 financial year. (NBR)

• Zoom Video Communications is no longer be a part of the Nasdaq 100 index as of the market open on Monday. The stock has underperformed every major equity benchmark in 2023, rising just 5.7 per cent, as fundamentals weaken and Wall Street analysts scale back expectations for growth. (AFR)

News Summary

• Te Whatu Ora has revealed a small number of people may have been identified in stolen Covid-19 vaccination data. (Stuff)

• A woman allegedly bribed a prison guard to take illicit items into Rimutaka Prison by having sex with him. (Stuff)

• Te Papa has announced it is reviewing a controversial exhibition, part of which was damaged by protesters last week. (Stuff)

• Three arrested following fleeing driver incident in Auckland (Stuff)

• A woman has been injured in a shark attack at the Southland holiday spot of Riverton, raising questions about what attracted the shark into the shallows. (Stuff)

• A security guard found dead in west Auckland in the early hours of Monday morning has been named. (Stuff)

• The Albanese government is under growing pressure to explain why it is not providing more help to the US and its allies as intensifying attacks from Iran-backed Houthi rebels shut down shipping in the Red Sea. (AFR)

Deal Flow

Investments / M&A

• Rakon has received indications from “significant shareholders” indicating their support for "progressing" an acquisition proposal received last week at $1.70 per share, but the identity of the bidder has still not been revealed. (NBR)

• Car share company Mevo is targeting a South Island expansion next year, as it nears completion of a capital raise through Snowball Effect. (NBR)

• Street Talk understands Luminis Partners’ role at the $2.9 billion financial services player has widened out to include broader advisory remit, assisting the board across the group. Meanwhile, sources said Bank of America and Goldman Sachs are staying on to advise on the optionality of the strategic review. (AFR)

Daily Picks

• A volcanic eruption on Iceland's Reykjanes Peninsula has turned the sky orange and prompted the country’s civil defence to be put on high alert. Read more here.

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