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.
Premium
Home / Business

Market close: Donald Trump and Rio Tinto news dampens late trading

By Graham Skellern
NZ Herald·
7 Aug, 2020 05:37 AM4 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.

US President Donald Trump. Photo / AP

US President Donald Trump. Photo / AP

Opinion

American President Donald Trump's newest ban and confirmation that Rio Tinto was not re-opening the fourth aluminium potline at Tiwai Point dampened late trading on the New Zealand sharemarket.

The S&P/NZX 50 Index fell 117.91 points or 1 per cent to 11,646.68 – its biggest fall of the week. Trading was again light and 38.7 million shares worth $139.53 million changed hands. There were 41 gainers and 88 decliners over the whole market..

Trump issued executive orders prohibiting transactions with the Chinese owners of smartphone apps TikTok and WeChat, taking effect on September 20.

Trump said the apps, developed and owned by companies in China, captured vast swathes of information from its users and the spread of them continued to threaten the national security, foreign policy, and economy of the United States.

There has been a flurry of activity in the energy sector this week. Rio Tinto closed the fourth of its potlines at the Tiwai Point aluminium smelter to cope with the restrictions caused by the Covid-19 lockdown and there was speculation that this would be re-opened.

Advertisement
Advertise with NZME.

The speculation came to nothing and then came suggestions that some electricity companies will soon be reducing their dividends.

Shane Solly, portfolio manager at Harbour Asset Management, said the Trump and Rio Tinto's moves, late in the day, took "a bit of the tone out of the market."

He said the gentailers gave back some of their recent gains, the Australian banks are under pressure because of the Melbourne lockdown, and there was profit-taking in Fisher and Paykel Healthcare and a2 Milk.

Advertisement
Advertise with NZME.

"All eyes next week are on those reporting latest earnings, Contact goes first on Monday," he said.

The energy stocks were up and down on heavy trading today. Mercury moved ahead 10c or 2.13 per cent to $4.80 with $1.7m worth of its shares changing hands, while Contact Energy was down 19c or 3.02 per cent to $6.10 on $9.1m worth of trading and Meridian fell 2c to $4.98 on trading worth $8.7m.

Fisher and Paykel Healthcare fell $1.04 or 2.85 per cent to $35.41 with $28.2m worth of its shares changing hands. The a2 Milk Company was down 33c or 1.58 per cent to $20.52 on $6.8m worth of trading. The trade in the two heavyweights made up about a quarter of the volume on the market today.

Westpac Bank fell 25c to $18.04 and ANZ slipped 5c to $19.05.

Dunedin-based Scott Technology, specialising in automation and robotics systems, reported it has been awarded a further multi-million dollar contract by Rio Tinto to provide equipment for a new sample preparation and analysis laboratory at the Robe Valley iron ore mine in Western Australia.

Scott was one the day's biggest gainers, climbing 10c or 5.88 per cent to $1.80. The other movers were Just Life – which announced increased profit – increasing 4c or 10.13 per cent to 43.5c, Cannasouth rising 2c or 3.77 per cent to 55c, and Pushpay Holdings lifting 20c or 2.56 per cent to $8.

Just Life Group, which supplies water coolers, announced an increase in unaudited profit before tax of $3.9m for the year ending June 30, compared with $2.6m last year. Its share price increased on only 21 trades worth $3859.

Wall Street had another good day, particularly the technology giants. The Dow Jones Industrial Index rose 185.46 points to 27,386.98, S&P 500 climbed 21.39 points to 3349.16 and the Nasdaq gained 109.67 or I per cent to 11,108.07.

Advertisement
Advertise with NZME.

Amongst the big technology stocks, Facebook was up 16.16 points or 6.49 per cent to US$265.28 ($397.54); Apple which is closing in on a US$2 trillion valuation rose $15.36 or 3.49 per cent to $455.61 and Adobe climbed 14.6 points or 3.25 per cent to $464.11. Google parent Alphabet, Microsoft, Amazon and Salesforce.com posted smaller gains.

At 5.30pm safe haven gold was trading at US$2058 an ounce but had fallen 11 per cent during the day, while silver was at $28.36 an oz.

Save

    Share this article

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

Latest from Business

Premium
AnalysisKate MacNamara

Reserve Bank's employee benefits: Gold standard or pretty standard?

New Zealand

Beekeeper advocacy group comes under pressure

Premium
OpinionRichard Prebble
|Updated

Richard Prebble: Why the Regulatory Standards Bill matters for property rights


Sponsored

Tired of missing out on getting to global summits to help grow your business?

Advertisement
Advertise with NZME.

Latest from Business

Premium
Premium
Reserve Bank's employee benefits: Gold standard or pretty standard?
Kate MacNamara
AnalysisKate MacNamara

Reserve Bank's employee benefits: Gold standard or pretty standard?

ANALYSIS: $800 for a home office, $500 wellness allowance and 15 days' wellness leave.

16 Jul 03:00 AM
Beekeeper advocacy group comes under pressure
New Zealand

Beekeeper advocacy group comes under pressure

16 Jul 03:00 AM
Premium
Premium
Richard Prebble: Why the Regulatory Standards Bill matters for property rights
Richard Prebble
OpinionRichard Prebble
|Updated

Richard Prebble: Why the Regulatory Standards Bill matters for property rights

16 Jul 12:00 AM


Tired of missing out on getting to global summits to help grow your business?
Sponsored

Tired of missing out on getting to global summits to help grow your business?

14 Jul 04:48 AM
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
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • 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