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While you were sleeping Positive profit sentiment

As US corporate earnings season accelerates this week, Citigroup has posted a 42 percent surge in quarterly profit, setting the stage for stocks to extend their year-to-date rally even amid mixed economic data. Shares of Citigroup gained, last up 2.1 percent, after the company reported quarterly earnings that exceeded expectations as revenue on stock trading jumped. In late afternoon trading …

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MARKET CLOSE NZ shares rise for 8th session; A2, Telecom, POT gain

New Zealand shares rose, pushing up the NZX 50 Index for an eighth straight session, led by A2 Corp, Telecom, Port of Tauranga and Fletcher Building as investors mulled what is expected to be mixed results in earnings season. The NZX 50 rose 37.907 points, or 0.8 percent, to 4606.24. Within the index, 34 stocks rose, seven fell and nine …

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Rakon founders buy 367,000 shares after Chinese factory sell-down

Rakon’s founding Robinson family, which has the biggest stake in the company and three seats at the board, bought almost 367,000 shares in the ailing GPS components maker last week for about $81,500. The two on-market purchases on July 9 and 11 were at an average price of 22.2 cents per share, and came after the Auckland-based firm said it’s …

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High Court clears another hurdle for Bathurst Resources

Would-be West Coast coking coal miner Bathurst Resources has taken another small step closer to open cast mining on the Denniston Plateau following the High Court’s rejection of an appeal on a side issue from the Royal Forest & Bird Protection Society of New Zealand. Justice John Fogarty’s judgment, issued July 11, finds no merit in Forest & Bird’s attempt …

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Bright Dairy cleared to creep higher after Synlait Milk float

China’s Bright Dairy & Food can build its stake in Synlait Milk back up to 41 percent once the dairy processor has joined the stock exchange later this month. The Takeovers Panel granted an exemption to the Synlait Milk shareholder for Bright Dairy to keep its stake at 41 percent by purchasing shares on-market if the initial public offer diluted …

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World Week Ahead US earnings focus

All eyes are set for the latest round of US corporate earnings after Federal Reserve Chairman Ben Bernanke finally managed to reassure investors that the central bank’s stimulus effort is not going to evaporate any time soon. Markets had been pricing in a tapering of the Fed’s US$85 billion a month bond-buying program since late May after Bernanke said as …

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NZ central bank could force lenders to limit borrowings from August, economists say

New Zealand’s Reserve Bank, concerned about spiralling house prices causing financial instability, could force lenders to limit borrowings as early as next month, economists say. Submissions on the Reserve Bank’s proposal to restrict bank lending on low-equity loans closed on July 3. A summary of submissions, along with the central bank’s response, is likely to be published ahead of an …

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NZ dollar up 2.1 percent vs greenback this week

The New Zealand dollar is heading for a 2.1 percent weekly gain against the greenback after the local currency jumped to a three-week high yesterday when investors reassessed whether the US Federal Reserve will start slowing down its money printing programme. The kiwi rose as high as 79.68 US cents this week, trading at 78.68 cents at 5pm in Wellington …

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