General Election Date Confirmed to be 17 October 2020 | NZ Market Update

Prime Minister Jacinda Ardern has stated that the election will be on 17 October and date will not be changed again. She said that the Electoral Commission has advised that a safe and accessible election can be conducted on this date. Also, pushing the date by four weeks shall provide the Commission as well as all parties enough time to prepare. The time is not an ordinary one due to the re-emergence of the cases in NZ community, and there is a possibility that elections can be held where the country is at Level 2, and with some parts at Level 3.

New Zealand Oil & Gas Limited (NZX:NZO) has materially upgraded its developed reserves in the Kupe gas and light oil field off Taranaki, New Zealand. After a review by the Joint Venture, the Kupe fields production adjusted 2P (proven and probable) total reserves have increased by about 23%. The company’s share of total 2P reserves rose from 1.84 million barrels of oil equivalent (mmboe) to 2.26 mmboe; The 1P (proven) total production adjusted reserves linked with Kupe increased from 1.02 mmboe to 1.65 mmboe, a growth of 61%.

For the six months ended 30 June 2020, Summerset Group Holdings Limited (NZX:SUM) reported an underlying profit of $45.1 million, down by 6 per cent on 1HFY19. Total assets stood at $3.4 billion, up by 13% on 30 June 2019, and net assets at $1.1 billion. The company has reported a development margin of 22.3%, in line with the previously expected range of 20% to 25%. The company delivered 139 new homes in the half-year and expects to deliver 300 to 350 homes by the year-end.

#Profits #NZX #SUM #Kaline

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