At the Mood of the Boardroom breakfast, Labour’s finance spokeswoman Barbara Edmonds was asked what sort of OCR reduction she would like to see from the Reserve Bank next week.
“I have seen three banks come up with a cut of 0.5% and some 0.25%. Hard times there. If you look at the GDP and unemployment statistics, they collide with each other. GDP figures are not increasing.
“I’ll probably see a 0.25% (cut) and if I go with my heart I’ll go to 0.5%,” Edmonds said.
New Zealand primary producers are enjoying a better life as the ANZ World Commodity Price Index rose 1.8% in September. Strong prices were recorded for all major sectors except forestry.
On a global basis, dairy prices increased by 2.3% on increased demand, with total milk powder prices up 24% and butter prices up 42%. Meat and fiber prices rose 1.4% for the month and 18.3% for the year.
Lamb strengthened 5% but prices were still weak Beef returns were strong despite softening prices in September.
The horticulture index rose 3.3% and kiwifruit prices rose 5% despite large volumes for export. Sungold kiwifruit quality is at its best in five years and demand has strengthened in China and parts of Europe.
Forestry fell 3% last month, but China’s consumption of logs increased and export volumes are expected to rise. Aluminum prices rose 4.5% and are now 12.5% ​​higher than a year ago.
Among leading stocks, Fisher and Paykel Healthcare rose 69c, or 1.96%, to $35.84; Ebos Group gained 49c to $36.90; And Meridian Energy gained 20c, or 3.45%, to $5.94.
Freightways rose 45c, or 4.97%, to $9.50; Auckland International Airport added 9c to $7.49; And Spark, which has fallen 40% this year, rose 10c, or 3.33%, to $3.105.
Fletcher Building, in the midst of its capital raising, rose 11c, or 3.61%, to $3.16; Skellarup Holdings, ex-dividend, gained 7.5c to $4.50; Scales Corp rose 11c, or 2.96%, to $3.83; And Fonterra Shareholders Fund rose 8c, or 1.77%, to $4.59.
Hallenstein Glasson rose 14c or 2.01% to hit a three-year high of $7.10, breaking the $7 mark. Its share price at the beginning of December 2021 was $7.05. Fellow retailer Michael Hill gained 2c, or 3.85%, to 54c and The Warehouse gained 3c, or 2.63%, to $1.11.
Pacific Edge rallied 1c or 6.9% to 15.5c; NZ King Salmon Investments rose 1.5c or 6.38% to 25c; Air New Zealand added 1c or 1.9% to 53.5c; Cook’s coffee rose 4.5c or 18% to 29.5c; Blackpearl Group gained 5c, or 3.7%, to $1.40; And Vulcan Steel rose 15c, or 1.85%, to $8.25.
In the property sector, Vital Healthcare Trust added 4c, or 2.19%, to $1.87; Argosy rose 2.5c, or 2.37%, to $1.08; And the asset for the industry fell 4c, or 1.81%, to $2.17.
Zentrac traded down 23c, or 2.04%, to gain to $11.07. Sanford fell 7c, or 1.86%, to $3.70; a2 milk down 10c to $6.87; Santana Minerals fell 22c or 9.17% to $2.18; and Move Logistics fell 1.5c or 7.14% to 19.5c.
NZ Rural Land was down 2c or 2.13% to 92c; Solution Dynamics fell 10c, or 7.87%, to $1.17; and Third Age Health shed 9c, or 4.41%, to $1.95.
TruScreen, up 0.001c or 5.26% to 2c, said its ultra cervical cancer screening device was included in the World Health Organization agency Unitaid’s technology landscape report.
The latest NZX figures show a 15.6% increase in total trades in September to 937,136, with total value up 16.1% to $3.824b. The average on-market trade volume was $2794, up 33.4%.
Total listed and raised capital in September was $2.903 billion and $11.436b for the year – a fall of 11.1% year-on-year. The NZX share price fell 3c or 2.33% to $1.26.
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