Air New Zealand enhances domestic capacity | NZX Market Update

  • Jul 24, 2020 NZST
  • Team Kalkine

Marsden Maritime Holdings (NZX:MMH) has revalued their assets in accordance with New Zealand Accounting Standards. The valuation of the real estates has been negatively impacted by the COVID-19 pandemic and in-turn have affected this year’s valuation. Based on an investment property assets pre valuation value of $80.40 million, the revaluation of these assets shall result in a decrease in value of 3.69%; The company shall release full details of valuation in its audited Financial Statements on 28th August 2020.

The United States jobless claims rose unexpectedly for the week ended 18 July 2020, rising for the first time in nearly four months. The U.S. weekly jobless claims rose to 1.416 million from 109,000 in the period prior. As per the data from the United States Labor Department, nearly 32 million people were collecting unemployment checks in early July. Furthermore, the labor market weakness is putting pressure on the Congress to extend the USD 600 weekly jobless supplement ahead of 31 July 2020.

Air New Zealand has increased its domestic capacity to 70 per cent of pre-pandemic levels, thanks to higher demand than expected. The airline was operating at 55 per cent of its usual capacity in July and had planned to do so in August as well, but demand for flights has seen it boost flights by a further 15 per cent. Chief executive Greg Foran said on Thursday that the airline had underestimated how well New Zealand domestic air travel would recover after the country moved out of lockdown.

#AirNewZealand #StockMarket #Stockstowatch


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