Can Gentrack buck the tech trend?
What you need to know on Wednesday morning, June 25.
- NZX50 down 4.959 points (0.1 per cent) to 5121.205
- NZ dollar at US86.87 cents, A92.68c, 88.57yen, 51.16p, 63.88€c
- Brent crude oil at US$114.39 a barrel (up US27c)
- Spot gold at US$1318.90 an ounce
What's on today
- Software developer Gentrack is due to list on the NZX today at an initial price of $2.40 per share
- Z Energy is holding its AGM at 2pm, Shed 6 Queens Wharf, Wellington
Stocks to watch
- Gentrack: The software developer is one of a number of tech companies listing on the NZX recently, with others such as ikeGPS due to follow in the next few weeks and companies like Orion Health considering listing. However, the less-than-overwhelming NZX debut of fellow tech firm Serko yesterday has prompted some analysts to warn that companies looking to list may have to rethink their valuations. Gentrack's listing price is $2.40 a share, towards the top of its indicative price range of $2 to $2.50.
- Tech stocks in general will be watched closely today after heavy falls in recent days.
Top international news
- Multinational companies will not be given too much power by a trade agreement between the European Union and the United States, the EU's trade chief said on Tuesday, seeking to reassure consumer and environmental groups opposed to the pact.
Washington and Brussels are negotiating the accord, the world' biggest, which would create a market of 800 million people, but popular opposition to a deal is growing.
EU leaders and US President Barack Obama face the complex task of showing they can juggle the demands of industry and those of people worried about food safety and the environment.
Protest parties from across Europe's political spectrum have rallied against the proposed deal, known as the Transatlantic Trade and Investment Partnership. The protest parties performed well in May elections for the European Parliament, warning voters of dire consequences if an accord is sealed.
European consumer and environmental groups say the biggest threat comes from a mechanism that would allow companies to bring claims against a country if it breaches the trade treaty.
They say the mechanism for settling disputes would allow multinationals to bully the EU's 28 governments into doing their bidding regardless of environmental, labour and food laws.
The United States and the European Union deny that. They say dispute settlement has been an important part of trade accords since the North American Free Trade Agreement 20 years ago.
Something else for your morning
- It's the bane of many exporters but the high New Zealand dollar is a boon for Kiwis with the travel bug. With the dollar at about US87c and also strong against the Euro and the Australian dollar, New Zealanders are finding it cheaper to fly to their favourite destinations and their spending money is stretching further when they get there. This includes alternative destinations.
Some of the currencies it's had the biggest growth against in the past 12 months include the Turkish lira, South African rand, Thai baht and the Canadian dollar.