ANZ reports the  GDT-TWI index rose a massive 14.8 per cent overnight as there was a scramble to secure reduced New Zealand ’s supply before the end of the season. Wholemilk powder prices hit its highest level ever, rising 21.2 per cent to US$5,116 per tonne. This will certainly increase the pressure for a further increase in the 2012-13 milk …

CYPRUS REJECTS LEVY PROPOSAL: Overnight, the focus remained on the Cypriot deposit levy/bailout issue.  In latest news the vote of ‘Plan B’ has just failed. Overnight the Cyprian parliament debated a ‘Plan B’ as they rejected the current governing party’s request to postpone the vote and ‘Plan A’ was a show stopper. ‘Plan B’  was  only slightly modified from the first cut as …

New Zealand shares rallied late in the day, after suffering from the same negative sentiment induced in other overseas markets by the banking crisis in Cyprus. The NZX 50 Index rose 4.016 points, or 0.093 percent, to 4,345.040 after spending most of the day in negative territory. Within the index, 28 stocks rose, 15 fell and seven were unchanged. Turnover …