Spotlight on Fonterra shareholders' fund

Share on twitter
Share on facebook
Share on linkedin
Share on whatsapp
Share on email

What you need to know on Wednesday morning, September 17.

– NZX50 down 21.075 points (0.40 per cent) to 5189.785

– NZ dollar at US81.94 cents, A90.1c, 87.81yen, 50.35p, 63.23€c

– Brent crude oil at US$98.96 a barrel (up US$1.08)

– Spot gold at US$1,235.90 an ounce

What’s on today

– GlobalDairyTrade auction (overnight)

– Statistics New Zealand Balance of Payments

– Pushpay AGM, 2pm, Regatta Room D, Pullman Auckland, Corner Princes Street and Waterloo Quadrant, Auckland

– Dorchester Pacific AGM, 11.30am, Goodman Fielder Room, Aotea Centre at 50 Mayoral Drive, Auckland

– Briscoe Group goes ex-dividend (interim), 5.5c per share, payable September 30

– Freightways goes ex-dividend (final), 11.25c per share, payable October 6

– NPT goes ex-dividend (interim), 0.8c per share, payable October 3

– Port of Tauranga goes ex-dividend (final), 29c per share, payable October 3

– Sky City goes ex-dividend (final), 10c per share, payable October 3

– Heartland NZ goes ex-dividend (final), 3.5c per share, payable October 3

Stocks to watch

– Fonterra Shareholders’ Fund: Fonterra is in the spotlight today after a GlobalDairyTrade auction that saw prices halt their recent slide, at least for now.

Prices were flat after falling at 10 of the previous 11 auctions, forcing Fonterra to cut its farm gate milk price forecast for this season to $6/kg with ANZ predicting it could cut this to $5.25 next week when Fonterra announces its annual result.

Fonterra is forecasting a profit before interest and tax of $500 million-$600m and expects it to be in the lower end of that range as a result of the drop in milk prices.

Top international news

– US producer prices were flat in August, pointing to muted inflation pressures that should allow the Federal Reserve to bide its time as it considers when to raise interest rates.

The Labor Department said on Tuesday falling gasoline and food prices restrained its producer price index for final demand last month. Prices received by the nation’s farms, factories and refineries had edged up 0.1 per cent in July.

«The Fed has more time to allow monetary policy to work its way through the economy before feeling the need to raise rates,» said Jay Morelock, an economist at FTN Financial in New York.

Economists had expected producer prices to gain 0.1 per cent last month. In the 12 months through August, they increased 1.8 per cent, accelerating a bit from the 1.7 per cent rise in the year through July.

The report came as Fed officials gathered for two-day policy meeting. They have held benchmark rates near zero since late 2008, but are seen inching toward an increase around the middle of next year.

Data on retail sales, manufacturing, the services sector and housing have indicated the economy is on a firm growth path, although a quarterly survey of US chief executive officers released on Tuesday showed they had grown gloomier on plans for hiring and more wary about sales prospects.

Something else for your morning

– KiwiSaver members missed out on about $400 million in tax credits last year, according to ANZ.

KiwiSaver members receive a yearly tax credit of up to $521 a year if they contribute a minimum of $1042 in the year to June 30.

But many KiwiSaver members are not contributing enough to claim the maximum credit.

ANZ’s analysis indicates that 56 per cent of possible member tax credits were paid out in the 2014 financial year, up from an estimated 50 per cent in the prior year.

Source: Stuff

Mirá También

Así lo expresó Domingo Possetto, secretario de la seccional Rafaela, quien además, afirmó que a los productores «habitualmente los ignoran los gobiernos». Además, reconoció la labor de los empresarios de las firmas locales y aseguró que están «esperanzados» con la negociación entre SanCor y Adecoagro.

Te puede interesar

Notas
Relacionadas