Why are these 5 NZX financial stocks in focus in November?

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Why are these 5 NZX financial stocks in focus in November?

Banking stocks
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  • NZ banks have coped well amid the pandemic as it continues to support the country’s economic recovery.
  • Australia and New Zealand Banking Group has kept its AGM next month.
  • Geneva Finance expects a profitable half-year, will pay an interim dividend in December 2021.

As per the latest report released by the Reserve Bank of New Zealand, the nation’s financial system displayed resilience during uncertain times of the pandemic and is well placed to strengthen the country’s economic recovery.

It stated that capital requirements for banks would gradually increase from July 2022 and the Central Bank also aimed to raise the minimum CFR, i.e., core funding ratio requirement to 75% in January 2022, subject to no further deterioration of the economic environment.

Having said that, let us take a look at the five NZX-listed financial stocks before Christmas festivities begin.

 NZ banking stocks- ANZ, WBC, HMY, GFL, HGH

Image source: © 2021 Kalkine Media New Zealand Ltd, data source- Refinitiv

Australia and New Zealand Banking Group Limited (NZX:ANZ; ASX:ANZ)

Australia and New Zealand Banking Group Limited has lately released details pertaining to its virtual AGM, which is going to be held on 16 December.

Apart from electing and re-electing its directors and business-related resolutions, ANZ intends to carry out a special resolution related to the amendment of its constitution.

Further, it has announced an on-market purchase of ANZ Shares by ANZEST Pty Ltd so as to settle employee compensation schemes.

At the time of writing, Australia and New Zealand Banking Group was trading up by 0.10% at NZ$28.950 on 10 November.

Related Read: How are NZX financial stocks responding to climate-related reporting?

Westpac Banking Corporation (NZX:WBC; ASX:WBC)

Westpac Banking Corporation has released a report undertaken by Promontory Australia, an independent reviewer, for the period from February to September 2021.

The said report evaluates WBC’s progress related to its integrated plan to strengthen its risk governance.

Must Read: Do these 5 NZX financial stocks have healthy YTD returns?

The report states that the bank is on track with relation to its integrated plan.

On 10 November, Westpac Banking was trading up by 0.60% at NZ$23.560, at the time of writing.

Harmoney Corp Limited (NZX:HMY)

Harmoney Corp Limited has recently announced the inaugural asset-backed securitisation backed by a pool of unsecured consumer personal loans across Australia.

This would greatly help the banking company to diversify its funding sources, thereby reducing the overall cost of funding.

Shares of Harmoney Corp was trading flat at NZ$1.93, on 10 November, at the time of writing.

Geneva Finance Limited (NZX:GFL)

Geneva Finance Limited has recently announced to distribute an interim dividend of 1.25 cps to its shareholders on 21 December.

It anticipates its six-month pre-tax profit ended 30 September 2021, to be up 21% on the preceding year due to GFL's resilient performance amid unprecedented times.

Related Read: How are 5 NZX financial stocks faring after RBNZ held OCR at 0.25%?

At the time of writing, Geneva Finance gained 1.30% at NZ$0.780 on 10 November.

Heartland Group Holdings Limited (NZX:HGH; ASX:HGH)

Heartland Group Holdings Limited has recently conducted an online ASM. There, its shareholders passed a resolution to re-elect its retiring directors, namely, Kate Mitchell, Geoff Summerhayes, and Ellen Comerford.

Further, another resolution was passed to entrust the Board to determine KPMG, HGH’s auditor, fees for the upcoming year.

Also Read: Would 5 NZX dividend stocks prove resilient during market crash?

On 10 November, at the time of writing, Heartland Group Holdings was trading flat at NZ$2.310.

Bottom Line

New Zealand boasts a well-established financial sector which continues to support its customers as well as its economy.


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