What you need to know on Tuesday morning, July 28.
- NZX50 up 47.738 points (0.93 per cent) to 5194.268
- NZ dollar at US85.6 cents, A90.97c, 87.13yen, 50.37p, 63.65€c
- Brent crude oil at US$108.13 a barrel (up US$1.06)
- Spot gold at US$1294.80 an ounce
What's on today
- Investors will be watching overseas announcements including US pending home sales
Stocks to watch
- Fonterra Shareholders Fund: Investors in the Fonterra Shareholders Fund will be pleased to hear the prediction from Myfarm chief executive Andrew Watters that dairy prices and Chinese demand will pick up later this year. His optimism is based on recent reports from Goldman Sachs and the United States Department of Agriculture forecasting a 30 per cent to 50 per cent higher Chinese demand for whole milk powder this coming year.
Top international news
- The parent company of a scandal-hit Chinese food supplier said it is withdrawing all products made by the subsidiary.
Shanghai Husi Food, owned by Illinois-based OSI Group, is at the centre of a major food safety scandal, which has spread from China to Hong Kong and Japan, over allegations it mixed fresh and expired meat.
In a statement posted on its website late Saturday, OSI Group said it would "withdraw from the marketplace" all products made by Shanghai Husi, and that it was conducting an internal investigation into present and former senior management.
It vowed to take "swift and decisive action" including legal measures against those responsible for the scandal, and said a new management team would be brought to China.
Han Zheng, Shanghai's Communist Party boss, said on yesterday that regulators must toughen oversight, and that authorities would investigate both people and institutions responsible for the scandal.
Something else for your morning
A controversial American couple are the biggest investors in recently floated Genesis Energy - sparking angry claims the Government has been caught out "screwing the scrum" against mum-and-dad Kiwi buyers. The couple's large shareholding is despite allocations to thousands of ordinary New Zealanders being substantially reduced, with Labour and the Greens attacking the Government for its handling of the float.
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