Will Auckland Airport's profit soar?

Last updated 07:46 26/08/2014
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New airport proposed on Queenstown Hill Fourth big Scentre shopping mall, West City, goes on the block Frozen yoghurt firms face charges Auckland hotel rates will continue to rise, Hospitality Association says Transport agency to fix Raynes Road intersection Jetstar's first Napier to Auckland regional flight touches down early Construction starts on new Kawarau Falls Bridge at Queenstown entrance Miriama Kamo's builder pleads guilty Air New Zealand cops flak for poking fun at Jetstar Police taking right steps on payroll problems says minister Michael Woodhouse

What you need to know on Tuesday morning, August 26.

- NZX50 up 15.748 points (0.30 per cent) to 5182.743

- NZ dollar at US83.49 cents, A90.20c, 87.37 yen, 50.73p, 63.47€c

- Brent crude oil at US$102.10 a barrel (down US53c)

- Spot gold at US$1279.90 an ounce

What's on today

- Auckland International Airport full-year result

- Tourism Holdings full-year result

- Statistics New Zealand Overseas Merchandise Trade: July

- Reserve Bank mortgage-lending data: LVRs

- Smiths City annual meeting, 10.30am, Morrison Room, first floor, Air Force Museum, 45 Harvard Ave, Wigram, Christchurch

- Argosy Property annual meeting, 2pm, Royal New Zealand Yacht Squadron, 101 Curran St, Westhaven Marina, Auckland

Stocks to watch

- Auckland International Airport: One of the 10 biggest companies listed on the NZX, Auckland International Airport's full-year result is important not just for stockmarket investors and fund managers but for Aucklanders in general, due to the Auckland Council's 22.4 per cent stake in the company. Monopoly infrastructure companies tend to have slow but steady profit increases due to price regulation.

Top international news

- The US S&P 500 stock index broke through the landmark 2000 level yesterday, marking a six-year rally which has benefited many Americans from Wall Street to Main Street.

During that time the unemployment rate has fallen from a high of 10 per cent in December 2009 to a low of 6.1 per cent in June this year, but the rally is still seen has largely benefiting wealthier Americans, as paltry wage rises have left most Americans with little money to invest in retirement accounts.

The gains in US stocks have also outpaced those in other major world stockmarkets in the past year and have been one of the top investments in 2014, beating the safe havens of gold and bonds.

The rally has also received help from the Federal Reserve's policy of injecting liquidity into the market through its bond-purchase programme to keep interest rates low in recent years.

Even though the Fed's bond-purchase programme is now winding down, investors expect the rally will continue as economic growth has recovered this year and low mortgage interest rates have supported housing market activity.

Something else for your morning

- An Employment Court decision about the accrual of lieu days could cost New Zealand Aluminium Smelters millions of dollars, and have a similar effect on the Fire Service and Air New Zealand, the Court of Appeal has been told.

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NZAS is seeking leave to appeal against the decision, arguing it was wrong in law and of broader relevance than merely the parties involved.

- Stuff

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