Topics

The New Zealand dollar rose to its highest in more than five weeks against the euro and the pound as concern about weakness in the European and UK economies contrasts with a brighter picture here. The kiwi jumped as high as 53.01 British pence, recently trading at 52.82 pence from 52.23 pence at the 5pm market close in Wellington yesterday. …

Equities on both sides of the Atlantic gained as Alcoa’s better-than-expected second-quarter earnings bolstered optimism that corporate America will report solid results and outlooks. In late afternoon trading in New York, the Dow Jones Industrial Average added 0.57 percent, the Standard & Poor’s 500 Index gained 0.78 percent, while the Nasdaq Composite Index climbed 0.62 percent. Aluminium producer Alcoa was …

Michael Hill International, the jewellery chain that bears its founder’s name, increased sales 6.8 percent last year as it opened more stores in what the company said was a “challenging environment”. Sales climbed to $541.5 million in the 12 months ended June 30, from $507.3 million a year earlier when sales rose at a 4.6 percent pace, the Brisbane-based retailer …

New Zealand property values rose at a 7.6 percent annual pace last month, as demand continued to outstrip supply in Auckland and Christchurch, according to state valuer Quotable Value. Property values stepped up the pace from last month when they increased at a 7.1 percent annual rate, also driven by demand in Auckland and Christchurch. Values increased 2.8 percent in …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has scaled back applications from its farmers to sell milk at a guaranteed price in the 2013/2014 season after being overwhelmed by demand. In a pilot scheme announced last month, Fonterra offered to pay $7 per kilogram of milk solids, matching its initial forecast payout, for those farmer-shareholders wanting to lock in …

Energy Mad, whose shares are trading at less than a third of their 2011 IPO price, claims it recorded positive earnings in its first quarter, but is refusing to give any numbers. It says the positive helped by cost cutting, a foreign exchange gain and a better performance from its direct installation business. Unaudited earnings before interest, depreciation and amortisation …

Business confidence held at a three-year high in the second quarter as domestic trading activity eased, according to the latest Quarterly Survey of Business Opinion from the New Zealand Institute of Economic Research. A net 31 percent of businesses remained optimistic in June, seasonally adjusted, unchanged from the March quarter, the institute said. Last quarter was the highest since March …

The New Zealand dollar gained after investors bet the greenback had advanced too far too fast following upbeat US employment numbers last week. The kiwi increased to 78.01 US cents from 77.26 cents at the 5pm market close in Wellington yesterday. The trade-weighted index advanced to 74.68 from 74.21 yesterday. The US dollar index, which measures the greenback against the …

Equities on Wall Street and in Europe gained as investors awaited the unofficial start of the US second-quarter earnings season with the results of Alcoa due after the close of the American markets. The aluminum producer is expected to report earnings of 6 US cents per share on revenue of US$5.83 billion, according to Reuters. Alcoa shares were last up …

Synlait Milk will sell shares at $2.20 apiece before joining the NZX later this month, valuing the dairy processor at $322 million and making it the 43rd biggest company on the exchange. The Rakaia-based company plans to raise $75 million of new capital, and existing shareholders will sell $38.7 million, or 17.6 million shares, in a secondary offer, listing on …