Live NZX News Today
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16th Jul 10:56 AM NZST
Manufacturing activity grows further in NZ
The June manufacturing activity in New Zealand showed an expansion over the previous month as the economy continued to recover. Production and new orders remained strong in the month of June reflecting on the overall numbers according to a Bank of New Zealand Survey.
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The Bank of New Zealand-Business NZ's Performance of Manufacturing Index (PMI) was 60.7 compared with 58.6 in May. A reading above 50 points indicates an expansion in activity, while anything below that means contractions. This is the second time that the value has crossed 60-point mark in four months indicating a strong manufacturing activity.
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16th Jul 10:44 AM NZST
Allied Farmers Director Ross Verry resigns
Allied Farmers Limited (NZX:ALF) confirmed on Friday that Ross Verry, Director with Allied Farmers and its subsidiaries had resigned from his position with immediate effect. Mr Verry would be now focusing more time on future opportunities.
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Chairman of Allied Farmers, Richard Perry said that on behalf of the Board of ALF, he would like to thank Mr Verry for his significant contributions. The Board is grateful for the significant contributions he made to the Company and wishes him all the best for his future endeavors.
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16th Jul 10:18 AM NZST
AIA reports surge in passenger volumes in May, June 2021
Auckland International Airport (NZX:AIA) traffic improved substantially in May 2021. According to an announcement on Friday, AIA’s total passenger volumes increased by 747.1% in May 2021 versus last year. International passengers were up 778.0%, and domestic passengers were down by 755.7%. International arrivals in May 2020 were impacted last year by the closures and the increase in 2021 reflects the Trans-Transman travel bubble impact to and from Australia.
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The domestic services were also up for May 2021 over the previous year reflecting a surge in domestic travel as well. In June, however, the total passenger volumes increased by 196% over last year. International passengers were up 468.3%, and domestic passengers were up by 171.2%.
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16th Jul 10:16 AM NZST
How are things looking for New Zealand post RBNZ update?
The interest rates are set to rise according to the RBNZ’s suggestions in the near future, that will make it one of the first in the world to do so after the onset of the pandemic. According to an economist survey the official cash rate which currently stands at 0.25%, even after the rise, it isn’t likely to exceed 2%.
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It was further explained how when coming from a lower base range, the impact tends to be high even after an increase of 0.25%. Another economist explains how the raise of interest rate shall have an impact on almost everyone.