What you need to know: Beef about NZ lamb
What you need to know on Thursday morning, July 24.
- NZX50 up 12.664 points (0.25 per cent) to 5146.530
- NZ dollar at US86.85 cents, A91.84c, 88.16yen, 50.97p, 64.52 euro cents
- Brent crude oil at US$108.18 a barrel (up US85c)
- Spot gold at US$1305.18 an ounce
WHAT'S ON TODAY
- The Reserve Bank official cash rate review
- Statistics New Zealand overseas merchandise trade: June 2014
- Moa AGM, 3pm, Nathan Club, 36-42 Customs Street East, Britomart, Auckland
- Comvita AGM, 2pm, Comvita Limited, 23 Wilson Road South, Paengaroa, Te Puke
STOCKS TO WATCH
- Moa: It's AGM season for New Zealand's listed companies and craft beer business Moa goes into today's annual meeting with shareholders hoping for a turnaround. The company's share price has fallen by more than 60 per cent since it listed two years ago as it suffered from poor sales and a botched distribution strategy. However, quarterly sales in New Zealand have almost doubled year-on-year and investors will be hoping for more good news at the meeting.
TOP INTERNATIONAL NEWS
- General Motors yesterday announced six recalls covering 717,950 vehicles in the United States for varying reasons, although none were related to ignition switch issues that forced GM to recall nearly 15 million vehicles worldwide this year.
The largest recall announced yesterday is for a potentially loose bolt in power-adjustable front seats for several cars from model years 2010 and 2012. Vehicles involved have been linked to two crashes and three injuries but no deaths, GM said.
Most of GM's recalls this year have been for older models, but many of the recalls announced yesterday are for current-model vehicles, including about 57,000 Chevrolet Impala sedans from the 2014 model year for the loss of power steering.
The latest recalls hit GM's best-selling vehicles, the Chevrolet Silverado and GMC Sierra pickup trucks, from the 2014-2015 model years.
SOMETHING ELSE FOR YOUR MORNING
- Britain's National Farmers Union should stop bleating about cheap New Zealand lamb and focus on boosting lamb consumption, Federated Farmers says. Top cuts of New Zealand lamb are selling for about NZ$43 a kilogram in British supermarkets, more than $10kg less than in New Zealand. But Labour has attacked the move by New Zealand exporters to sell to supermarket chain Tesco, which then sells the lamb as a "loss leader".