– New Zealand shares continued their strong run-up since the New Year, with Fletcher Building hitting a new five year high of $9.52, although Fonterra Shareholders Fund units dropped back below $7 for the first time this year as fallout from the DCD issue continued. The NZX 50 Index rose 5.101 points, or 0.12 percent to 4,252.647, its highest since …

The New Zealand dollar pared gains from a more optimistic Reserve Bank review today after rating agency Standard & Poor’s joined the dots between a slowing Australian economy and the possible peak of the nation’s mining boom. The kiwi dollar rose to 83.47 US cents at 5pm in Wellington from 83.11 cents just before the RBNZ announcement, but was down …

Godfrey Hirst, the biggest carpet maker in Australia and New Zealand, has bought Oamaru’s unprofitable yarn-spinning plant from Japan’s Sumitomo Corp, effectively putting 192 staff on notice as it looks at ways to turn the operation around. The company, which bought the Feltex business out of receivership, was granted Overseas Investment Office approval to buy the assets last month. It …