Live NZX News Today

• January 27, 2021 03:21 PM NZDT

  SkyCity Entertainment (NZX:SKC) goes through major change in organisational structure

  SkyCity Entertainment Group Limited (NZX:SKC), on 27 January 2021, declared via a release that there will be three internal appointments made to its senior leadership team, which will come into effect from 1 February 2021. The hiring is announced post a review of the Company’s ongoing executive structure.

  

  • Callum Mallett has been appointed Chief Operating Officer. The profile comes with operating responsibility for the New Zealand businesses and daily operations of SkyCity Auckland. Mallett is currently executive general manager, hospitality at SkyCity Auckland.
  • David Christian who is at present general manager, SkyCity Adelaide, has been appointed Chief Operating Officer Australia and will go on to lead the Adelaide property as well. This also includes the new A$330 million expansion development that started in December 2020.
  • Matthew Ballesty will be now Chief Casino Officer who will be looking after the casino operations at Skycity’s biggest property in Auckland. Currently, he is holding the role of executive general manager, Gaming.

  Meanwhile, the stock was trading at NZ$3.04, down 0.33%, with market capitalisation at NZ$2.36 billion at 2:23 PM NZDT.

• January 27, 2021 03:20 PM NZDT

  Meridian Energy (NZX:MEL) monthly operating report for December 2020

  One of the largest companies in New Zealand, dual-listed Meridian Energy Limited (NZX:MEL) (ASX:MEZ) shared its monthly operating report for the month of December, last year.

  

  Some of the highlights from the report are as following:

  • In the month to 18 January 2021, national hydro storage declined from 95% to 79% of historical average.
  • South Island storage hovered around 72% of average and North Island storage at 117% of average on 18 January 2021.
  • Total inflows were 80% of historical average.
  • The Waitaki catchment water storage of Meridian towards the end of December 2020 was quoted at 73% of historical average.
  • Also, the water storage in Meridian’s Waiau catchment was less than average at the December end.
  • Waitaki’s snow storage at the end of December 2020 was 104% of historical average.
  • The Company made calls under the Genesis swaption in mid-January 2021.
  • The electricity demand across the nation in December 2020 was 0.9% lesser than the corresponding period during previous year.

  The Company generates electricity through renewable sources such a water, wind and sun and therefore is committed towards the sustainability goals.

  Meanwhile, the Company traded in red at NZ$7.74, down 2.03% with market capitalisation at NZ$20.79 billion at 1:44 PM NZDT.

• January 27, 2021 03:10 PM NZDT

  Blis Technologies (NZX:BLT) Tmall flagship store launch

  Biotechnology firm, Blis Technologies Limited (NZX:BLT) announced on 27 January 2021 that the Company and its associate e-commerce and digital agency RooLife Group Limited (ASX:RLG)  are finally launching the wide product range of Blis probiotics^TM  on online retail giant Alibaba’s Tmall Global marketplace.

  

  The launch took place at an event in Dunedin with Alibaba Group in China on 26 January 2021. For the sake of same, Blis Technologies has collaborated with the RooLife Group, a specialist company when it comes to e-commerce and digital marketing aimed in China.

  Here are some key details of the launch:

  • RooLife will be offering the digital marketing services and will be managing the overall online store operations in order to promote and sell the oral BLT probiotics products in China.
  • Tmall Global is one name that comes to mind when it comes to transnational online retaining in China. Via this platform, the foreign brands and sellers can easily reach people in China, create a brand’s awareness, and can even get direct insight from the consumers’ behalf.

  Meanwhile, the stock was quoted at NZ$0.081, down by 1.22% per share with market capitalisation NZ$88.96 million at 12:56 PM NZDT.

• January 27, 2021 02:42 PM NZDT

  Yamana Gold reports robust 2020 production results

  

  Canadian miner, Yamana Gold reported strong production results for the year 2020.

  • The company achieved production of 901,155 gold equivalent ounce (GEO) in 2020.
  • The full-year production lies in between the original guidance of 890,000 GEO and the revised guidance of 915,000 GEO for the year.
  • Yamana produced 779,810oz of gold and 10.37Moz of silver in 2020. The total production is marginally lower than the revised guidance range due to COVID-19 restrictions.
  • In the fourth quarter of 2020, the company produced 221,659oz of gold and ~2.59Moz of silver. The production during the quarter exceeded sales by 7,000oz of gold.
  • The operations at Canadian Malartic, El Peñón, Jacobina, and Minera Florida successfully achieved the targeted
  • The production at Jacobina continued to grow further for the seventh consecutive instance while Minera Florida achieved the highest production since 2010.

• January 27, 2021 02:12 PM NZDT

  First Quantum’s 2020 copper yield hits record

  

  Canada based mining company, First Quantum Minerals reported its record high annual copper production of 779kt in 2020, 11 per cent up against the corresponding 2019.

  • The company produced 203kt of copper in Q4 2020.
  • In Zambia, the Sentinel mine produced 251kt in 2020, 31kt more than the 2019 production figures. Sentinel produced 63kt in Q4 2020.
  • In Panama, the company's other operating site Cobre Panama produced 6kt more than the corresponding figures of 2019.
  • In addition to that, Kansanshi copper-gold mine in Zambia reported production of 53kt, a decline of 8kt against 2019 levels.
  • The company reported a reduced capital spending of around US$50 million as per the issued guidance of US$675 million.
  • The company also forecasts to allocate US$80 million in 2021 and 2022 on the smelter expansion at Kansanshi.

• January 26, 2021 04:24 PM NZDT

  Vector (NZX:VCT) reports operating performance for 1H21

  Vector Limited (NZX:VCT) released its operating report for 6 months ended 31 December 2020 on 26 January 2021.

  Vector's business operations were affected in 1H21 due to COVID-19 with NZ under Alert Level 2 and Auckland under Alert Level 3 in Q1. Growth in the Auckland region continued in 1H21 that led to robust electricity and gas network connections.

  

  Some of the highlights of the Vector's operations included the following:

  • Electricity network connections stood at 586,480 in the year to 31 December, up by 1.8% on December 2019.
  • Gas network connections stood at 115,432 in the year to 31 December, up by 2.1% on December 2019.
  • A 3% rise in 9kg LPG bottle swaps in 6 months ended 31 December 2020 compared to the same period in 2019.
  • Natural gas, LPG volumes and Liquigas LPG tolling reduced compared to the same period in December 2019, led by a large customer's loss in January 2020.

  Gas and electricity distribution volumes were reduced in 1H21 due to diminished activity from industrial and business-related sectors amid COVID-19.

  Further, SAIDI minutes were about 21.4% lower than the corresponding duration for 9 months ended 31 December 2020. This was attributed to continued network investments to enhance reliability, collaborating with teams and vendors of the Group on measures to lower the impact on customers and fewer adverse weather events.

  Read the full report here; Vector (NZX:VCT) releases decent 6-month operating report

• January 26, 2021 04:23 PM NZDT

  Genesis Energy (NZX:GNE) performs well in Q2, sets ambitious targets for future

  Genesis Energy Limited (NZX:GNE) released its Q2 results for FY21, on January 26, 2021.

  In the announcement, Genesis has shown strong focus on reducing emissions. The Company release said that Genesis has committed to reducing emissions to at least 1.2 million tonnes by 2025.

  

  Here are some highlights of the Q2 FY21 results:

  • In the retail area due to delays in some costs, the cost to serve showed a downtrend, but the LPG business continued to grow due to strong growth in residential customers in the main centres and from the Whangarei area.
  • Genesis’ total generation was up 13% at 1,682GWh and power purchase agreements were also up 30GWh. However hydro generation was down by 2.7% at 674 GWh.
  • It was revealed that the Waipipi windfarm in South Taranaki which started generation in November 2020, will be fully operational by March 2021. It provided 30GWh of renewable energy to the Company for the quarter. However, the Company has a target of developing 2,650 GWh of new renewable generation options, of which Waipipi is expected to develop 455 GWh.
  • Genesis in its Q2 results also announced that the strategic review regarding Kupe oil and gas fields investment was on course. It was likely to be complete by middle of 2021.
  • In Q2 oil production in Kupe was up by 44% and oil production improved 26%. Realised oil price and oil production yield was down.

  It may be noted that Genesis is reassessing the returns and risks involved in drilling activities.  After the strategic review, the board will take a decision on whether to keep the Kupe investment or sell it off.

  To read the full article, click here.

• January 26, 2021 04:19 PM NZDT

  Chorus (NZX:CNU) provides connections update in Q2 FY21

  In a recent announcement, one of the largest telecommunications providers in the country, Chorus limited (NZX:CNU) has provided its connections update for the second quarter of FY21.

  While the fibre uptake has witnessed a rise and reached 63%, the UFB rollout has been 92% concluded. There was an 8k rise in the amount of 1Gbps connections, while the broadband connections witnessed a rise of 29k (in Q1 FY21: +33K, while on pcp, was recorded +36k).

  

  It was further announced, the completed UFB footprint fibre uptake had witnessed a rise of 1% to the current 63%. The strongest UFB1 Fibre uptake has been registered in areas such as the Waiheke island and Wellington at 66%.

  The novel UFB2 townships were revealed to be Taumarunui, Cheviot, Taipa Bay Mangonui, Matapouri, Hunterville, Lawrence, Karapiro and Amberly, respectively.

  Some of the other data revealed was as following:

  • 50k decline in Copper Broadband and voice connections (Q1 FY21: -57k; Q2 FY20: -48k)
  • 21k decline in fixed line connections (Q1 FY21: -25K; Q2 FY20: -12K)
  • Broadband connections decline by 10k (Q1 FY21: -13K; Q2 FY20: no change)

  It was further that COVID related restrictions have had an impact on the net migration. What’s more, the gain from migration has decreased, due to lack of population owing to the border restrictions due to the pandemic. It used to be 6,000 a month and has reduced to become 600 per month.

  On the flipside, the fibre monthly usage has witnessed a surge from 456GB in the month of September to 460 GB.

  On 26 January 2021, at the time of writing, CNU was trading at NZ$8.36, declining by 0.48%.

• January 25, 2021 03:04 PM NZDT

  Steel & Tube Holdings (NZX: STU) Appoints Richard Smyth as the CFO

  Steel & Tube Holdings Limited (NZX:STU) hires Richard Smyth in the role of Chief Financial Officer and he will be assuming the office from 27 April 2021 onwards, a Company release said on Monday.

  

  Richard has been working with SkyCity Entertainment Group for past 16 years and as the Deputy CFO since last 7 years.

  Richard has also worked for PricewaterhouseCoopers as a director.

  Mark Malpass, CEO, STU on the appointment, said that Richard brings a broad capability to the role and has considerable technical and commercial skills, strategic thinking and extensive experience and networks.

  He is also popular for his people skills and team spirit.Talking about his own appointment, Richard said, he is excited because STU has an iconic history and has a robust strategy in place.  

  It should be highlighted that Richard has a Bachelor in Commerce degree and is a member of NZ Accounting Standards Board.

• January 25, 2021 03:03 PM NZDT

  Coronavirus: Positive case closes Northland, northwest Auckland, Waikato businesses and attractions

  A new COVID scare emerged in the north of Auckland on Sunday because of which all the major businesses and public attractions have been shut down from Waikato to Northland.

  

  Owners of the impacted commercial and public premises from Parakai to Whangarei shared their laments via social media that they are heartbroken on the turn of events because of the COVID-19 and on the fact that they might not be able to resume services until Thursday.

  In fact, one of the tourist attractions, Te Awamutu Space Centre in the Waikato, is closed this week after its manager was reported to be exposed to the infection when he visited Northland’s Kauri Museum.

  The owners of the closed premises shared their distress over the shutdown. They will all be deep cleaning their premises and be in isolation. They are also advised to take the COVID-19 test.

• January 25, 2021 03:02 PM NZDT

  Auckland Airport (NZX:AIA) registers substantial decline in passenger volumes in November 2020

  Auckland International Airport Limited (NZX:AIA) shared the monthly traffic update for November 2020 along with December 2020 preview on 25 January 2021.

  

  According to the figures shared by the AIA:

  • Total number of passengers at the Auckland Airport fell by 69.7% in November 2020 as compared to the last year.
  • The total number of international passengers, excluding the transits, declined by 97.2%
  • Transit travellers volume went down by 94.1%.
  • Domestic passengers volume dropped by 38.3%.
  • The sharp falls in all the segments reflect the strict travel guidelines issued by the New Zealand government during COVID-19. The NZ border was kept shut from 20 March 2020 and that is reflecting in the figures.
  • The international transit took a major hit as the travel from New Zealand to China also ceased from 7 November 2020 as the government there had come up with new health testing necessities in the wake of COVID-19.
  • However, the New Zealand government said yes to a restricted or limited travelling to Australia in the month of November because a few states like New South Wales, the Australian Capital Territory, the Northern Territory and Victoria eased up their shut borders and let the quarantine free travellers come in.

  In December 2020:

  • The total volume of travellers come down by 70.3% as compared to the previous year. This again reflects the NZ government’s actions in the wake of COVID-19.
  • International passengers, excluding the transit ones, were down by 97.3%. the closure of the NZ border from 20 March 2020 to all but New Zealand citizens and permanent residents had a big impact.
  • Transit travellers percentage was down 95.9% suggestive of the Chinese government getting stricter in its health testing needs for COVID-19 from 7 November 2020.
  • Domestic passengers were up by 7.5% reflecting the rise in domestic capacity during the holiday season. This got boosted by the Air New Zealand adding 16,000 seats during the month.

• January 25, 2021 02:45 PM NZDT

  Peru Government may revoke Canadian miner’s exploration rights

  

  Peru’s government is working on a report to overrule Supreme Decrees 027-2020-EM and 028-2020-EM, granted on December 10, 2020, allowing Nuevo Arcoiris S.A.C, to acquire and hold mineral exploration rights.

  • The Decrees were granted to the company, permitting it to explore and exploit mineral resources at 21 mineral rights located in Piura.
  • Since all 21 mineral rights were located within 50km of Peru and Ecuador national border, a supreme decree had to be issued by both, the Ministerial Council and the President of Peru, under Article 71.
  • The protest by the local communities has forced the Ministry of Energy and Mines to rethink about its 2020 decision.
  • Angelica Palomino, who was campaigning for the new supreme decree, considered the choice a "triumph" for the area, the local community, and the country.

• January 25, 2021 02:44 PM NZDT

  Córrego do Feijão dam collapse could have been predicted - Research

  

  Image Source: Shutterstock

  A new study by researchers from Durham University and the University of Nottingham discovered that the fatal Córrego do Feijão dam collapse could have been predicted by using proper satellite radar imaging technology.

  • Researchers led the study in collaboration with a Nottingham-based company, Terra Motion, using an Intermittent Small Baseline Subset (ISBAS) technology over the conventional InSAR to monitor the site's ground movements.
  • The technology is helpful to monitor millimetre level ground movements, and the study has revealed that different areas of the dam site were moving at varying speeds. The movement got accelerated over two months before the collapse.
  • The study’s lead author, Dr Stephen Grebby expressed that the forecast would have been conceivable around 40 days before the dam collapsed.
  • The lethal incident took precisely two years before today on 25 January 2019 near Brumadinho town, killing more than 270 people.

• January 24, 2021 12:02 AM NZDT

  Frontliners at border isolation wards to get volunteer COVID-19 saliva testing  

  In the wake of making work environment safer for the frontliners in border isolation ward facilities, saliva testing for COVID-19 will now be offered every day.

  

  Image Source: Shutterstock

  The Jet Park Quarantine Facility, situated in Auckland, is the first to receive this additional testing option, commencing from 25 January 2021. The option will then be offered in other facilities such as the ones situated in Christchurch and Wellington.

  The COVID-19 response minister Chris Hipkins revealed that these new measures were a part of the plan of action taken due to the increase in COVID-19 cases of more infectious kind witnessed recently.

  The staff at quarantine facilities will be given these voluntary services. Though saliva tests are not going to replace the more widely used nasal swab method of testing as that is more reliable, they are going to be used as an additional measure to fight the looming threat of COVID-19. One of the major benefits of these tests is that it is less invasive and hence cause lesser discomfort.

  This could act as an additional insurance way for healthcare workers. He further said that the safety of the healthcare workers remained to be the top priority for the government at that moment. The role of COVID-19 testing using saliva can change over the time and findings about the same shall be revealed in March 2021.

  Do Read; Air New Zealand Employees soon to undergo Saliva based COVID-19 Tests

• January 24, 2021 12:00 AM NZDT

  Commerce Commission reveals Can Pan-Nelmac merger plans

  The Commerce Commission has recently revealed the primary concerns for Can Plan Nelson, which is acquiring a few assets of Nelmac Limited, also known as Betta Bins, the company that deals in the waste collection business.

  The assets in question are -

  • One rear loader truck,
  • Pay-as-you-go rubbish bags,
  • Large bins,
  • Two-side loader trucks, and
  • Prepaid wheelie bins.

  The said transaction, however, does not include assets from Betta Bins’s Recycling business. Currently, the commission is inviting parties interested in give comments on the sort of effects the acquisition can have on the companies’ businesses.

  While the commission has given an email address to people who wish to send submissions, it has also asked interested parties to make a version of their submission public, which should also be available to the case register of the commissioner.

  

  Image Source: Pixabay

  While the decision-making date is March 9, 2021, there may be some extension on the same.

  Waste collection from residents is the forte of Can Plan, which uses the prepaid wheelie bins and the pay-as-you-go rubbish bags. The Company collects green waste in every 15 days and provides larger bins as per the requirement of commercial customers. The services are rendered in areas such as Richmond, Brightwater, Nelson City, Motueka, and Wakefield.

  Similar to Can Plan, Nelson City-owned Betta Bins also offers green waste collection every 15 days. The commission will decide on the merger, depending on whether the company believes that a merger does not have an adverse impact on the business’s market competition.

• January 23, 2021 12:02 AM NZDT

  Oceania Healthcare (NZX:OCA) reports 2% rise in EBITDA in 1H21

  Oceania Healthcare (NZX:OCA) announced interim results for 6 month ended 30 November 2020. It reported an underlying EBITDA of NZ$35.4 million for the period, up by 2% compared to pcp.

  Oceania witnessed solid sales volume and robust demand for its premium care suites throughout NZ in the first half of the financial year.

  

  Source: Shutterstock

  Some of the highlights of the Group’s financials for the first half of FY21 included of the following:

  • Unaudited reported NPAT stood at NZ$24.8 million in 1H21, up NZ$9.9 million on pcp.
  • Sales volumes are 44.1% up in 1HY2021 due to strong resales and new sales volumes since the country returned from Alert Level 4 lockdown.
  • Operating cash flow increased 30.9% to NZ$74.6 million as a result of strong sales volumes.
  • Interim dividend of 1.3 cents per share was declared and is due for payment on 24 February 2021.
  • The Group completed 28 apartments and 61 care suites at Green Gables in September 2020.

  Oceania also completed a heavily-oversubscribed retail bond issue in October 2020 and raised up NZ$125 million. The Group remains on the track to complete 217 new independent living units and care suites prior to 31 March 2021.

  Oceania has resource consents in hand for 84.2% of its 1,780 unit/bed development pipeline, which are planned to be delivered over the next six years.

• January 23, 2021 12:00 AM NZDT

  NZ to provide $3 million funding to COVID-19-affected disabled people

  NZ Government is offering NZ$3 million to assist disabled people around NZ to get support in their communities. The objective of the funding is to allow disability service providers to create digital and community-based solutions for the disabled people affected by COVID-19 over the next 2 years.

  Minister for Disability Issues, Carmel Sepuloni, stated that 16 organisations would get funding for schemes that help disabled people to get support, become independent and keep them connected with their friends and whanau through new and sustainable methods.

  There will also be focus on schemes that promote community participation, which is crucial for the welfare and sense of belongingness of disabled people.

  

  He also noted that there are many impressive projects from encouraging adults with dementia to build their own multimedia storybook of memories, promote online dance and music activities for disabled people in remote communities, and provide online platforms to connect disabled people with coaches and volunteers.

  The seed funding, which was allotted for FY21, is a part of the government's reaction to the first lockdown for people with disabilities. Regular progress reports would be needed for the duration of the seed funding.              

• January 22, 2021 03:38 PM NZDT

  Why Fisher & Paykel Healthcare (NZX:FPH) stock is on a positive spree?

  Dual listed stock, Fisher & Paykel Healthcare Corporation Limited (NZX:FPH) (ASX:FPH) provided an update on its trading activities for the 9 months ended on 31 December, last year.  

  

  Here are the key takeaways from the update:

  • Sales of hospital hardware continues to grow on a global level.
  • The volume and the value of air freight stay on the higher side.
  • A robust growth in Company’s products used for nasal high flow therapy given at home resulted in a reduction in OSA diagnosis rates when it comes to the Homecare part.
  • The Company registers a sustained progress in investment in manufacturing part.

  A leading designer, manufacturer and marketer of products and systems used in respiratory care, the Company has churned out huge profits in past one year, owing to the kind of challenges COVID-19 has thrown on the world.

  Fisher & Paykel’s Managing Director and CEO, Lewis Gradon shared that more and more patients wanting hospitalisation for respiratory treatments across the world and the healthcare professionals are having a hard time dealing with the situation.

  The hospitalisation rates have boosted the hardware sales and therefore, the operating revenue for the nine months ended on 31 December, last year was higher by 73% compared to the last corresponding period.

  Meanwhile, on 22 January, at the time of writing, FPH on the ASX traded at AU$32.56 per share, up 6.06%, whereas, on the NZX, the stock traded at NZ$35.04, up 5.35% at 2:42 PM NZDT.

• January 22, 2021 03:01 PM NZDT

  The New Zealand Refining (NZX:NZR) Operational Update for November-December 2020

  The New Zealand Refining Company Limited (NZX:NZR), on 22 January 2021, shared an update to the market regarding potential import terminal conversion prior to its full year results announcement in February 2021.

  

  Here are some key highlights from the announcement:

  • The health and safety performance during the period stayed strong and no safety events or recordable injuries were reported.
  • The Negative international refining margins made the processing fee revenue stay at the Fee Floor during the period.
  • The Refinery and its Auckland pipeline were affected because of the lowered demand for the jet fuel due to travel restrictions induced by COVID-19.
  • The net debt position at the end of year stood at $231 million, $10 million less than FY 2019.
  • Groundwork for simplified procedures was finished and all set for transition from January 2021.
  • Discussions on import terminal are on with all the customers.
  • The Singapore Dubai complex margin gave a boost to the Refining NZ’s November/ December figures that hovered around US$4.78 per barrel.
  • GRM for the two months was US$3.24 per barrel.

  Meanwhile, the stock NZR was found trading at NZ$0.550 at 1:53 PM NZDT.

• January 22, 2021 03:00 PM NZDT

  New Zealand Inflation Surprise Suggests No More RBNZ Rate Cuts

  The stronger-than-anticipated inflation cues in New Zealand suggest that interest rates will remain unchanged and there will be no rate cuts.

  

  The Reserve Bank of New Zealand (RBNZ) has anticipated that inflation will go steeper than the bottom of its 1-3% target range in the year of 2021. This in a way tells that the monetary policy will stay a bit loose.

  But according to the financial analysts, the overall economy has recouped more rapidly than expected from last year’s COVID-induced recession and the hints of looming price pressures indicate that the central bank will hardly require to play with the rate cuts.

  As per the figures shared by the Statistics New Zealand on Friday:

  • The Consumer Price Index increased 0.5% in the December quarter from 0.7% in the prior quarter.
  • Annual inflation remains unchanged at 1.4%.
  • It should be noted that in an economic statement made by the RBNZ had made a forecast that there will be a 0.2% increase in quarterly CPI and the annual rate would hover around 1.1%.
  • The relaxation in the overseas travel gave a boost to the domestic tourism which took up the household accommodation services. This was the biggest contributor to the spurt in the Consumer Price Index.
  • Lowest ever interest rates and easing of the other financial tools gave a jump to the New Zealand’s housing market.

  On the report shared by the government, the New Zealand dollar increased around a quarter of that of a US cent and pushed to reach 72.15 cents.