The New Zealand dollar approached 89 Australian cents this morning as investors favoured the reviving local economy over investment in Australia where the economy is slowing. The kiwi touched a new five-year high of 88.98 Australian cents, and recently traded at 88.87 cents, from 88.30 cents at the 5pm market close in Wellington yesterday. The local currency was little changed …

First NZ Capital upgraded its recommendation on homeware and sporting goods retail chain Briscoe Group to ‘neutral’ from ‘underperform’ and raised its outlook for earnings, citing better sales. Briscoe this week posted a 6.4 percent increase in second quarter sales and a 3.9 percent rise in same-store sales, compared with the year earlier quarter. The homeware unit posted its ninth …

Kiwi Income Property Trust may need to sell assets or raise equity to reduce its debt gearing should a proposal to bring its management inhouse go ahead, according to Craigs Investment Partners research analyst Chris Byrne. The Trust, managed by a company owned by Commonwealth Bank of Australia, may have to pay the bank A$66 million or NZ$75 million to …