New Zealand
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Sign up to our daily curated newsletter for the day's top stories straight to your inbox.The NZX 50 declined 0.4 per cent, giving up most of last week’s gains.
Meridian Energy
released its May monthly operating report. In the month to 14 June 2023, national hydro storage increased from 121 per cent to 143 per cent of historical average. Revised full year FY23 Capital Expenditure was $340 million -$365 million (previously $370 million-$395 million). Meridian Energy declined 0.2 per cent yesterday.
Fletcher Building’s Winstone Aggregates announced it is buying Auckland-based The Urban Quarry, with operations in Onehunga and Henderson. No price was disclosed for the transaction. Fletcher Building increased 0.6 per cent on Monday.
In the carbon credit space, the consultation on the New Zealand Emissions Trading Scheme has been released.
In this consultation the government is exploring ways to change the system to reduce reliance on forestry and incentivise companies to reduce their emissions.
No New Zealand carbon units were sold at the Government June NZ Emissions Trading Scheme (ETS) Auction last Wednesday because the Confidential Reserve Price was not met. The next Auction is in September.
Australia
The ASX 200 traded up 0.6 per cent yesterday.
Lake Resources slumped 20.0 per cent after indicating its Argentina Lithium project would be delayed by six years and would cost more than expected.
Abacus Property Group rose 5.8 per cent. The property company announced the successful completion of the institutional component of the Abacus Storage King (ASK) 1 for 5.6 pro-rata securityholder offer.
Pointsbet rose 21.6 per cent yesterday after the company received an approach from US DraftKings Inc for its US operations.
Pointsbet has received an unsolicited non-binding indicative proposal from DraftKings to acquire its US business for US$195 million in cash.
The Reserve Bank of Australia Minutes are released today, detailing reasoning behind the recent cash rate decision.
Coming up today
US: Building Permits, Housing Starts, Philadelphia Fed Non-Manufacturing Activity.
Australia: RBA Minutes; NZ: Westpac Consumer Confidence, Argosy Property ASM.
For more information on the latest market moves, get in touch with Jarden.
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