Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


NZ shares fall 1.3% at open after global rout

NZ shares fall 1.3% at open after global rout; Fletcher, Pumpkin Patch drop

Aug. 19 (BusinessDesk) – New Zealand shares fell 1.3% on the open, joining a global rout on speculation the U.S. is heading back into recession. Fletcher Building and Pumpkin Patch paced the slide.

The NZX 50 Index fell 42.89 points to 3243.56 after five minutes of trading. Telecom was the only gainer, after posting earnings that beat some estimates.

In the U.S., the Standard & Poor’s 500 Index dropped 4.5% and gold soared to a new record after U.S. Mid-Atlantic factory activity slumped to a 2 ½-year low and the Philadelphia Federal Reserve Bank Index of business activity fell to the lowest level since March 2009.

Fletcher Building slid 3% to $7.71 and Pumpkin Patch declined 3.9% to $1. APN News & Media, which wrote down the value of its New Zealand newspapers yesterday, declined 4.8%to $1. Telecom rose 1.5% to$2.64.


© Scoop Media

Business Headlines | Sci-Tech Headlines


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>