Topics

Wynyard Group, the local spy software developer, fell 4.3 percent in its NZX debt, having listed at the $1.15 offer price. The shares recently traded at $1.10, valuing the company at $112.8 million, with about 370,000 shares changing hands on turnover of some $425,000. That’s just inside the indicative range of between $1.10 and $1.65 in the firm’s prospectus. The …

The New Zealand dollar rose to a week high against its Australian counterpart as the outlook for the local economy continues to outperform that of its closest neighbour. The kiwi jumped as high as 86.23 Australian cents, and recently traded at 86.14 cents from 85.69 cents at the 5pm market close in Wellington yesterday. The New Zealand dollar edged up …

Wall Street rose to a record after better-than-expected economic data and corporate earnings fuelled investors’ optimism the US economy is gathering steam as Federal Reserve Chairman Ben Bernanke reiterated the central bank’s ongoing support for growth. Bernanke testified before Congress for a second day, now to the Senate Banking Committee. He has finally managed to reassure investors that the Fed’s …

Surging prices for Auckland and Christchurch real estate do not constitute a housing market bubble because bank lending volumes have been plummeting for the last two months, says the executive director of the New Zealand Bankers Association, Kirk Hope. Political debate has raged this week over the impact on first home buyers if the Reserve Bank of New Zealand imposes …

New Zealand consumer confidence eased in July as higher petrol prices and the prospect of rising mortgage rates dented financial sentiment. The ANZ-Roy Morgan consumer confidence index slipped to 119.8 from a three-year high of 123.9 in June. The current conditions index dropped 4 points to 118 and sentiment on future conditions eased 5 points to 121. All five questions …

Milford Funds, a unit of Milford Asset Management that discloses financial statements, more than tripled its fee income, driving up annual profit, as it reaped the benefits of strong investment returns on growing funds under management. Profit jumped to $7.36 million in the 12 months ended March 31 from $1.05 million a year earlier, as fee income surged 257 percent …

Tourism Holdings, the rental campervan operator which merged with two rivals last year, has told the receivers of Pacific Horizon it’s available to pick-up any customers left out in the cold, but won’t buy the failed firm’s assets. The Auckland-based company has already approached KordaMentha’s Brendon Gibson and Grant Graham, who were appointed receivers of Pacific Horizon yesterday, to help …

The New Zealand dollar edged up in volatile trading after Federal Reserve chairman Ben Bernanke emphasised the central bank’s asset purchase programme could be reduced more quickly or expanded depending on economic conditions. The kiwi traded at 79 US cents from 78.70 cents at the 5pm market close in Wellington yesterday. The local currency traded between 78.39 US cents and …

Wall Street gained after Federal Reserve Chairman Ben Bernanke said there was no “preset course” for the central bank’s bond-buying program, while better-than-expected results from companies including Bank of America also underpinned the mood. “I emphasise that, because our asset purchases depend on economic and financial developments, they are by no means on a preset course,” Bernanke said today in …

New Zealand shares rose, led Pumpkin Patch as the retailer clawed back a small portion of this year’s 34 percent slide, while Diligent Board Member Services rose after telling the NZX yesterday that it knew of no reason for its recent slide. The NZX 50 Index rose 2.425 points, or 0.1 percent, to 4578.97. Within the index, 26 stocks rose, …