What you need to know: Who do you trust?
What you need to know on Wednesday morning, July 23.
- NZX50 up 6.967 points (0.14 per cent) to 5133.866
- NZ dollar at US86.63 cents, A92.23c, 87.92yen, 50.85p, 64.43€c
- Brent crude oil at US$107.31 a barrel (down US37c)
- Spot gold at US$1313.40 an ounce
WHAT'S ON TODAY
- Statistics New Zealand government finance statistics (local government): Year ended June 2013
- Statistics New Zealand international visitor arrivals to New Zealand: June
- Statistics New Zealand local authority financial statistics: Year ended June 2013
- Xero AGM, 4pm, Shed 6, Queens Wharf Wellington
- AWF AGM, 11am, Venue TBA
- Aorere Resources AGM, 4.30pm, Mac's Brewery Function Centre, 4 Taranaki Street, Wellington
- IkeGPS listing on NZX
STOCKS TO WATCH
-Xero: Xero shareholders will be contemplating a glass half-full at the company's annual meeting in Wellington today. Chief executive Rod Drury is expected to unveil its all-important annual revenue-growth forecast, but will do so amid suggestions Xero's push into the United States may be faltering amid strong competition from rival Intuit.
- ikeGPS: while the $25 million IPO of tech company ikeGPS doesn't have the scale or high profile of some recent listings on the NZX, it will be watched closely by not only by those in the tech sector, but other companies looking to list on the NZX in the near future.
TOP INTERNATIONAL NEWS
- US home re-sales hit an eight month-high in June, suggesting the housing market was gradually regaining momentum and would help the economy to stay on a higher growth path this year.
The third straight month of home-sales gains, reported by the National Association of Realtors, added to employment and retail sales data that have indicated economic growth ended the second quarter on a firmer note. A separate report showed inflation moving slightly higher.
Existing home sales rose 2.6 per cent to an annual rate of 5.04 million units last month, with the median house price hitting its highest level since 2007.
The housing market stumbled in the second half of last year, raising concerns it could undermine the economy's recovery. Now, its rebound is bolstering forecasts for stronger growth.
Growth is expected to have accelerated to above a 3 per cent annual rate in the second quarter and is forecast to maintain an even stronger pace for the rest of the year.
SOMETHING ELSE FOR YOUR MORNING
- Chocolate maker Whittaker's has again raised the bar, being named New Zealand's most trusted brand for the third year in a row. In a survey commissioned by New Zealand Reader's Digest, Whittaker's not only secured the top spot in trust, but also won the confectionery and New Zealand icons categories.