Live NZX News Today
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29th Jul 11:50 AM NZST
Consumers at the receiving end due to low supermarket competition
In a recent report by the Commerce Commission, it was found that while customers are facing higher costs at supermarkets, the range and selection of products are not as diverse, indicating a lack of competition. New Zealand is said to have higher grocery prices and higher profits when compared to other countries.
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The report further has suggestions of opening up competition at a fair ground for the newer competitors in the business which would in turn ensure better range of products delivered to customers at competitive prices. With the current duopoly form of functioning not very effective, third retailer creation may be a tact used in the future.
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29th Jul 11:28 AM NZST
KiwiRail may have to pay a NZ$250,000 fine to Auckland Transport
As recently reported, the Auckland Transport looking to charge a sum of NZ$250,000 to KiwiRail for the mishap that caused the 19 clipped rails from commuter trains to fall from its stack situated next to the Morningside western line causing damage to the electric trains. On 30 June when the damage was discovered, the line had to be closed and the corresponding trains had to be brought out of service, while damage repair was done.
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KiwiRail in a statement said that the vibrations set afoot by the trains passing by. The CE for Auckland Transport, Shane Ellison is of the view that the primary concern here is that this could have resulted in a more serious accident.
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29th Jul 10:51 AM NZST
NZX 50 opens higher on global cues
The New Zealand stock market opened higher on Thursday as the US Stocks closed almost flat on Wednesday evening despite the hint from US Federal Reserve (Fed) about tapering of the government bond purchase.
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In its yesterday’s monetary policy meeting, the Fed Chairman Jerome Powell said that it was not yet time to think about raising interest rates. The exact timing to begin cut down in debt purchase would depend on incoming data. And on inflation he said that it was being fueled by temporary factors and was relatively short-term.
The benchmark index NZX50 which opened higher lost some of its gains in the morning trade and was up by 0.25% at 12. 627 at the time of writing.
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29th Jul 10:27 AM NZST
Turners Automotive Group announces shareholder roadshow
Turners Automotive Group Limited (NZX: TRA) announced on Thursday its annual shareholders roadshow to be held from 24 August 2021. The Company said that the roadshow will be an opportunity for those shareholders who are unable to attend the annual shareholders meeting on 18 August, to meet the group CEO and CFO in a number of locations around NZ.
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The first roadshow will be in Christchurch on 24 August followed by Wellington on 25 August and Tauranga on 27 August. The last roadshow will be held on 3 September 2021.
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29th Jul 10:10 AM NZST
AFT says Novaliq NovaTears®+Omega-3 effective against dry eye disease
AFT Pharmaceuticals announced on Thursday that the new product Novaliq NovaTears®+Omega-3 eye drops is an effective treatment for evaporative dry eye disease. A new clinical study has found that dry eye is common disease amongst New Zealanders and Australians according to a new clinical study.
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The study found that more than 85% of patients suffer from some form of evaporative dry disease but there are a limited number of medicines available. NovaTears®+Omega-3 combines for first time the highly effective tear film stabilizer perfluorohexyloctane with a high quality, vegan sourced Omega-3 fatty-acid.
The treatment was developed by Germany’s Novaliq and is distributed by AFT across New Zealand and Australia.
Hartley Atkinson, AFT Managing Director said that after the launch of this new product in 2020, the demand has grown rapidly.
