NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Markets

Market close: NZ market follows the US as investors wait for Fed’s decision

By Ella Somers
NZME.·
19 Sep, 2023 06:10 AM5 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

KMD Brands, which tomorrow reports its audited results for the 12 months ended July 31, was up 3 cents or 3.8 per cent to 82 cents.

KMD Brands, which tomorrow reports its audited results for the 12 months ended July 31, was up 3 cents or 3.8 per cent to 82 cents.

New Zealand’s benchmark share index headed downward today, following US market sentiment as investors wait for the US Federal Reserve meeting this week.

The S&P/NZX 50 Index fell 52.5 points, or 0.5 per cent to 11,344.52. Turnover was $83 million. There were 45 gainers and 83 decliners on the main board.

The US Federal Reserve meets over the next two days and while it’s expected to pause rate hikes, CMC Markets analyst Tina Teng said the central bank’s stance on further moves could be “critical” for market trends.

Devon Funds head of retail Greg Smith said that markets had priced in no changes in rates as a “virtual certainty” while officials expected to maintain “some optionality” in November.

“Inflation at large is still coming down but is also getting some upward points of pressure,” he said.

Advertisement
Advertise with NZME.

“We’ve got some pretty key central bank meetings towards the back end of the week,” Smith said.

He told BusinessDesk that the most “pivotal” meeting would be that of the Fed and market investors seem to have locked in no rate hike this week.

“The big question is, what happens in November?”

Advertisement
Advertise with NZME.

In New Zealand’s market, Synlait Milk was up 5 cents or 4.3 per cent to $1.21.

After A2 Milk’s announcement of cancelling its exclusive supply agreement, Synlait Milk’s shares plummeted almost 10 per cent yesterday, hitting a record low after a trading halt was lifted in the afternoon. Synlait is disputing a2 Milk’s authority to terminate the exclusivity deal.

BusinessDesk reported that A2 Milk’s decision to terminate its exclusive deal with Synlait may revolve around revitalising the financial performance of Mataura Valley Milk (MVM), in which A2 Milk holds a 75 per cent stake, partnering with China Animal Husbandry Group (25 per cent).

A2 Milk purchased this Southland dairy company in 2021 for $268.5m to enhance supply diversification. However, in the financial year ending June 30, MVM reported earnings before interest, taxes, depreciation and amortisation loss of $26.5m, compared to the previous year’s $18.8m deficit.

A2 Milk fell 10 cents or 2.1 per cent to $4.73 as did Fonterra Shareholders’ Fund Units, which were down 7 cents or 2.1 per cent to $3.23 by end-of-day trading.

Gentailer Mercury held its annual meeting today and confirmed the expansion of its Ngā Tamariki geothermal station to the market, which is expected to cost $220m.

The company cautioned that the required investment for the next generation could lead to a short- to medium-term increase in electricity costs.

This will be the fifth generating unit at Mercury’s Ngā Tamariki geothermal station. The stock was up 12.5 cents or 2 per cent to $6.28.

Advertisement
Advertise with NZME.

“This investment is the first wave of the $1 billion we expect to commit this financial year to generation development we will construct over the next three years,” chief executive Vince Hawksworth said. “It’s another important step in our ambitious programme to bring more renewables online for Aotearoa New Zealand.”

Meridian Energy edged down 4 cents or 0.7 per cent to $5.34, Manawa Energy was up 2 cents or 0.5 per cent to $4.42, Genesis Energy rose 1 cent or 0.4 per cent to $2.52 and Contact Energy was down 3 cents or 0.4 per cent to $8.20.

The Warehouse told the market it intends to transition more than 260 locations nationwide to renewable energy through a partnership with Lodestone Energy from 2026. The retailer said it has committed to a long-term arrangement to source electricity from Lodestone Energy’s solar farms to energise its Red and Blue retail and stationery outlets, Noel Leeming and Torpedo7 stores, distribution hubs and administrative offices by the end of 2026.

The Warehouse rose 2 cents or 1.2 per cent to $1.67.

KMD Brands, which tomorrow reports its audited results for the 12 months ended July 31, 2023, was up 3 cents or 3.8 per cent to 82 cents.

“There’ll be a lot of interest in if they’ve been able to maintain the top line,” Smith said.

“Price increases will have helped, but to what extent have margins eroded? They’ll be the key points of focus – and the outlook. Some retailers have been more resilient than others.”

SkyCity Entertainment fell 7 cents or 3.6 per cent to $1.90. The casino operator was in the high court in Auckland yesterday for a two-day scrap over a $220m contract it had with a Macquarie Group subsidiary.

Auckland hospitality operator Savor ended the day up 2.5 cents or 8.5 per cent to 32 cents on light trading. It has its annual meeting tomorrow.

Sky Network Television announced a new chief financial officer in the form of Ciara McGuigan who will start at the company in March next year. McGuigan is the CFO at TVNZ where she’s been for four years.

Chief executive Sophie Moloney told the NZX this morning that McGuigan had a strong media background and was a “highly regarded leader and finance professional”.

Sky TV shares were flat at $2.47. Cinema tech company Vista International was up 1 cent or 0.7 per cent to $1.45. Tech payment firm Task Group rose 3 cents or 6.9 per cent to 46.5 cents.

The NZ dollar was trading at 59.16 US cents at 3pm in Wellington, up from 59.08 on Friday. The trade-weighted index was at 69.82, from 69.71 on Friday.

Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

Latest from Markets

Premium
Shares

Market close: Index reshuffle lifts Briscoe Group

09 Jun 05:57 AM
Premium
Energy

NZ's power system well-placed for winter - analyst

08 Jun 11:00 PM
Economy

Trump, tariffs and world turmoil

Why Cambridge is the new home of future-focused design

sponsored
Advertisement
Advertise with NZME.

Latest from Markets

Premium
Market close: Index reshuffle lifts Briscoe Group

Market close: Index reshuffle lifts Briscoe Group

09 Jun 05:57 AM

Briscoe Group's strong day came at The Warehouse Group's expense.

Premium
NZ's power system well-placed for winter - analyst

NZ's power system well-placed for winter - analyst

08 Jun 11:00 PM
Trump, tariffs and world turmoil

Trump, tariffs and world turmoil

Premium
‘Things are going to get less predictable’ - ANZ geopolitical expert

‘Things are going to get less predictable’ - ANZ geopolitical expert

08 Jun 05:00 PM
Clean water fuelling Pacific futures
sponsored

Clean water fuelling Pacific futures

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • What the Actual
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven CarGuide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP