NZ$ hits 69 USc as Chinese economy gallops along; Talleys to buy Affco
Bernard Hickey details the key news over the weekend in 90 seconds at 9 am in association with the BNZ, including news the New Zealand dollar rose just over 69 USc in early trade. See our interactive chart below.
This came after fresh news over the weekend of a robust Chinese economy with inflation up to 3.1%. This helped boost talk on global markets of an economic recovery and helped drive up the New Zealand and Australian dollars, given our economies are now so closely connected to China's. Australia and China are the first and second biggest buyer of our exports respectively.
Meanwhile, China's Sinosteel has expressed concern about Kevin Rudd's Super tax on mining. Rudd is now facing intense political pressure to drop or amend the tax.
Meanwhile back in New Zealand, family-owned fishing company Talleys has announced plans to buy out the rest of NZX listed meat processor Affco for 37 cents a share. This is another blow for the NZX, given Affco was the only meat processing share on the exchange.
Fonterra, meanwhile, has sent its farmer shareholders voting packs on its proposal for share trading between farmers and for a unit trust arrangement for outside investors. The vote is on June 30. Stuff reports share trading in Fonterra could be the biggest in any one stock in New Zealand.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.