Restaurant Association Says Alert Level Extension Hard For The Industry | NZ Market Update

Prime Minister Jacinda Ardern has announced that while the rest of the country will remain at alert level 2, Auckland will remain in alert level 3 until 30 August. The closure for another full weekend, which are crucial trading days for restaurants, is unfavourable for restaurant businesses and people are sharing their disappointment with the Restaurant Association of New Zealand. As per the restaurant association members, keeping the rest of the country at level 2 seems unnecessary step given the position of current clusters. The members have said that many of them are in desperate need of help.

Wall Street's benchmark S&P 500 index stormed higher and closed at 3,431.28 points, after hitting a high of 3,432.09 intra-day, as on 24 August 2020. However, the same enthusiasm is not witnessed on the New Zealand benchmark index. Currently, S&P/NZX 50 is a few points away from its all-time high of 12073.345 points, noted in February. S&P/NZX 50 closed at 11,985.990 points, up by 0.54% from its last close, as on 24 August 2020. ON 25 August 2020, the same was noted at 11,995.110 points at NZST 02:52 PM.

For the 12 months ended 30 June 2020, Mercer Group Limited (NZX: MGL) reported revenue of $51.6 million, up by 35% over the prior year. Automation contributed 81% of the company’s sales revenue as compared to 61% for the prior year. EBITDA increased by 199% to $2.4 million, as compared to previous year’s EBITDA of $0.8 million. The after-tax profit for the year stood at $0.93 million, which increased from the previous year’s $1.0 million loss.

#NZX #MGL #S&P #Kalkine

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