Can Air NZ's profit take off?
What you need to know on Wednesday morning, August 27.
- NZX50 up 12.887 points (0.25 per cent) to 5195.630
- NZ dollar at US83.25 cents, A89.46c, 86.65 yen, 50.31p, 63.20€c
- Brent crude oil at US$102.48 a barrel (down US17c)
- Spot gold at US$1283.80 an ounce
What's on today
- Air New Zealand full-year result
- Genesis full-year result
- Ebos full-year result
- Statistics New Zealand Food Price Index: July
- Finzsoft Solutions annual meeting, noon, PricewaterhouseCoopers, 188 Quay St, Level 22, Auckland
- Transpacific Industries final dividend
- NZX interim dividend
- Telstra Corporation final dividend
- DNZ Property Fund interim dividend
Stocks to watch
- Air New Zealand: Auckland International Airport's full-year result yesterday could be a good sign for New Zealand's national carrier, which releases its annual result today. The airport said total passenger movements were up 3.8 per cent to 15.1 million, breaking the 15 million mark for the first time. Air New Zealand should benefit from that and from the strong New Zealand dollar, which has made overseas travel more affordable for New Zealanders.
Top international news
- US consumer confidence rose in August to its highest level since October 2007 on improved feelings about the state of the economy, according to a private sector report released yesterday.
The Conference Board, an industry group, said its index of consumer attitudes rose to 92.4 from a downwardly revised 90.3 the month before. Economists had expected a reading of 89, according to a Reuters poll. July's reading was originally reported as 90.9.
"Consumer confidence increased for the fourth consecutive month as improving business conditions and robust job growth helped boost consumers' spirits," Lynn Franco, director of economic indicators at the Conference Board, said.
The expectations index fell to 90.9 from a revised 91.9 figure, while the present situation index rose to 94.6, highest since February 2008, from 87.9.
Consumers' labour market assessment improved. The "jobs hard to get" index fell to 30.6 per cent from 30.9 per cent the month before, while the "jobs plentiful" index rose to 18.2 per cent from 15.6 per cent.
Consumers also expect a slight increase in inflation, with expectations for inflation in the coming 12 months up to 5.5 per cent from 5.4 per cent.
Something else for your morning
- Waste company owner Darren Harris is taking a hard line with slow payers after being stung once too often. On Saturday, Harris, who owns Container Waste Ltd, tipped out the rubbish in 15 skips he had hired to troubled Christchurch building firm Williams and Co and took the skips away.
"I had a peek afterwards and saw someone from the company [Williams and Co] arrive in a Jaguar to arrange the cleanup.
"I'm just sick of people not paying their debts. There should be plenty of money flowing around but behind the flash there's often not much to back it up."