Market Announcements
Market Summary
The New Zealand sharemarket was flat on lighter trading yesterday ahead of the much-anticipated Reserve Bank decision on the path of the official cash rate. The S&P/NZX 50 Index dropped at lunchtime after the Australian and Japanese markets opened weaker, and closed almost even at 13,762.79 – down just 0.3 points. The index has gained 1.5% for the year to date. There were 56 gainers and 70 decliners on the main board with 31.12 million shares worth $126.27m changing hands.
In the US, the Dow Jones Industrial Average went over the 53,000-mark for the first time after gaining 0.29% to 53,055.91 points. The Nasdaq Composite increased 1.12% to 26,121.16 points, and S&P 500 was up 0.72% to 7537.43.
At home, Fisher & Paykel Healthcare gained 53c to $40.88; Ebos Group was up 31c to $21.80; Scott Technology increased 14c or 5.43% to $2.72; and Tourism Holdings added 5c or 1.72% to $2.95. Move Logistics declined 2c or 9.09% to 20c; NZME was down 3c or 2.71% to $1.075; Oceania Healthcare eased 2c or 2.67% to 73c, and Blackpearl Group decreased 3c or 4.76% to 60c. Among the retailers, Briscoe was up 11c or 2.32% to $4.85; Michael Hill was down 1.5c or 3.57% to 40.5c, and KMD Brands eased 3c or 1.71% to $1.72.
A2 Milk reached an intraday high of $9.77 but ended up falling 16c or 1.71% to $9.19 after telling the market its revenue for the 2026 financial year would increase more than 12% to about $1.97 billion and net profit would be slightly up on the previous year. The supply chain issues impacting China-label infant formula sales in the fourth quarter meant China-label full-year sales were down about 14%, but all other product categories performed strongly and were significantly up on the previous year. A2 Milk said the contributing factors to the product availability issues had substantially been resolved, and product flows to distributors and retailers had materially improved, with stock levels returning to target levels.
Pharma boost AFT Pharmaceuticals rose 18c or 4.85% to $3.89 after reporting sustained growth in the first quarter of the 2027 financial year and remaining on track to reach $300m revenue and an operating profit of $28-$32m. AFT said it had submitted regulatory filings for 86 new products – it was preparing another 138 – for its markets in New Zealand, Australia, Singapore, Hong Kong, South Africa, Canada and the UK. Bremworth was unchanged at 75c after its board pulled the plug on its scheme of arrangement with Mohawk Industries subsidiary, Floorscape. The board was told a group of shareholders representing 38% of Bremworth’s issued shares would vote against the scheme. A majority of 75% was needed to approve the takeover by Mohawk, the world’s largest flooring company. The board said the move had taken away genuine choice for the remaining 2300 shareholders, including minority holders, and the opposing shareholders have not offered any alternative plan for the Bremworth business. Bremworth told the market that wool carpet sales in New Zealand and Australia are ahead of last year, but overall trading continues to be challenging. The company was not cash-flow positive or profitable in the second half of full-year 2026.
Retirement village operator Summerset decreased 6c to $8.79 after reporting 448 sales (221 new and 227 resale) for the three months ending June. Resales were up 26% on the same period last year and new sales were steady. For the first half of the financial year, sales were up 17% on the same period last year, with resales up 23% and new 12%. Summerset said New Zealand deliveries of new homes this year will be 600-650, a reduction in build rate of 50 homes.
Sky TV gained 8c or 2.41% to $3.40 after announcing an extended seven-year agreement to broadcast the NRL rugby league matches from January 2028 to December 2034.
Source: Business Desk
Australian Market Report
Ahead of the local open SPI futures were 27 points Lower at 8785.
Tuesday 7 July 2026 - close [Morningstar with AAP]: Australia's share market has resumed its decline after a container ship in the Strait of Hormuz was hit by a projectile, testing a fragile truce between the US and Iran.
The S&P/ASX200 fell 27.1 points on Tuesday, down 0.31 per cent to 8,803.9, as the broader All Ordinaries lost 32.3 points, or 0.36 per cent, to 9,004.7.
The raw materials sector extended an early loss to more than 2.6 per cent by the close after the strike on a Qatari LNG gas container ship put upward pressure on oil prices and reignited global growth fears.
Crude prices remain at pre-conflict levels, with analysts tipping the US-Iran ceasefire will be extended - perhaps with occasional disruptions - until at least the US mid-term elections in early November.
"When you look at what is happening with the crude oil price, it seems to be fairly comfortable that nothing too inflammatory is going to come out of the news today, but then you look at the big miners and the gold stocks and they're being absolutely pummelled," IG market analyst Tony Sycamore told AAP.
The All Ordinaries gold sub-index fell more than four per cent as the precious metal slipped to $US4,124 ($A5,944) an ounce, handing back some recent gains after a weak US jobs report sparked less-hawkish rhetoric from new US Federal Reserve chairman Kevin Warsh.
Mega miners BHP and Rio Tinto were also under selling pressure as both copper and iron ore prices dipped in the afternoon.
Banks and IT stocks helped offset some of the losses, as the financials and technology segments advanced more than one and two per cent each respectively.
Westpac was the best of the big four banks, up 2.4 per cent to $36.13, as the financial sector soared to its highest value since May 11, the day before the federal government flagged a raft of investment tax reforms later softened by a series of exceptions.
"I feel like the carve-outs certainly eased some concerns there around the budget; the housing market hasn't really responded to those, obviously," Mr Sycamore said.
"But the other part is that the market seems to be becoming more comfortable with the view that the RBA has tightened (interest rates) enough, so I like what I'm seeing in the banking sector."
The rally in IT stocks came as logistics software provider WiseTech Global surged more than five per cent after controversial billionaire co-founder Richard White stepped down as executive chair amid human trafficking allegations.
Mr White, who vehemently denies the allegations, will remain on the board as a director and keep his role as chief innovation officer.
In other company news, Nine Entertainment shares improved after it signed a deal to retain the free-to-air rights to broadcast the NRL and NRLW seasons from 2028 until 2034.
The Australian dollar is buying 69.44 US cents, up from 69.28 US cents on Monday at 5pm.
ON THE ASX:
- The S&P/ASX200 fell 27.1 points, or 0.31 per cent, to 8,803.9
- The broader All Ordinaries lost 32.3 points, or 0.36 per cent, to 9,004.7
One Australian dollar trades for:
- 69.44 US cents, from 69.28 US cents at 5pm AEST on Monday
- 112.52 Japanese yen, from 112.42 Japanese yen
- 60.76 euro cents, from 60.66 euro cents
- 51.90 British pence, from 51.96 pence
- 121.99 NZ cents, from 121.87 NZ cents
Companies commencing Ex-Dividend Trading Today (ASX 300):
The a2 Milk Company Limited
Overseas Market Report
[Morningstar with Dow Jones]: U.S. stocks ended lower. The DJIA fell 0.2% to 52,925.15, the S&P 500 slipped 0.4% to 7,503.85, and the Nasdaq dropped 1.2% to 25,818.69.
Among S&P 500 companies, the top three gainers were Cognizant Technology Solutions Corp CTSH surging 6.21%, Occidental Petroleum Corp OXY jumped 5.85%, and Cboe Global Markets Inc CBOE lifted 5.56%.
The biggest decliners were Intel Corp INTC which dropped 9.66%, Teradyne Inc TER fell 9.59%, and Generac Holdings Inc GNRC lost 8.54%.
Asia
Chinese shares closed lower. The benchmark Shanghai Composite Index dropped 1.3% to 3,990.24, and the Shenzhen Composite Index slipped 1.9% to 2,703.7.
Hong Kong shares ended lower. The benchmark Hang Seng Index fell 0.5% to 23,496.89.
Japanese shares closed lower. The Nikkei Stock Average declined 2.1% to 68,256.96.
India shares ended lower. The BSE SENSEX declined 0.1% to 78,180.72.
Europe
Stocks in the U.K. finished higher. The FTSE 100 Index increased 0.1% to 1,0665.88.
In Europe, shares closed lower. Germany's DAX fell 1.4% to 25,465.25, and France's CAC 40 declined 0.5% to 8,436.24.
