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Fri 01 May 2026 12:07:37pm
MARKET MOVEMENTS
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Fri 01 May 2026 12:07:37pm
MARKET MOVEMENTS
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Briscoe first-quarter sales lift
Sales for the first quarter of Briscoe Group's 2026 financial year rose 1.37% to $180.8 million.
Homeware sales for the 91 days ended April 26 increased 1.98% to $105.7m, while sporting goods sales for the same period rose 0.53% to $75.1m.
Briscoe group managing director Rod Duke described the result as a satisfactory start to the new financial year.
The flow-on effects from the conflict in the Middle East and domestic weather events had affected consumer sentiment and foot traffic, however.
The shift in sentiment had a noticeable impact across the broader retail sector during the latter part of the quarter.
“Should geopolitical tensions continue to ease over coming months, we are cautiously optimistic that the recovery – which was beginning to emerge as we commenced this current financial year – could resume, supporting a return toward a more favourable retail environment through the second half of the year," Duke said.
NZ’s FTA with the European Union has boosted exports
Exports to the European Union have increased by $3 billion in just two years, an increase Trade Minister Todd McClay has credited to the New Zealand-European Free Trade Agreement signed by the previous Labour Government.
“Because the FTA entered into force early, our exporters got an immediate head start with tariff cuts and better access into what is now our fastest-growing major market,” he said.
Exports to the EU reached $8.8b last year, up from $5.7b just two years earlier.
“This growth has significantly exceeded forecasts and expectations and shows what’s possible when we back our exporters and open new doors,” he said.
McClay said making full use of the FTA was vital in times of international uncertainty and supported the goal of doubling New Zealand’s export value within a decade.
Sky TV chair becomes KMD chair in board ‘renewal’
KMD Brands has announced its new chair and the launch of a ‘board renewal’ process.
Sky TV chair Philip Bowman has been elected as chair of the outdoor retailer, taking over from David Kirk.
Bowman was first appointed to the KMD board in 2017 at the same time as Brent Scrimshaw, who now serves as KMD’s chief executive and managing director.
As well as chairing Sky TV, Bowman is also chair of Tegel, and an independent director of an Amsterdam-listed infrastructure company, Ferrovial.
Bowman is also the second-largest shareholder of listed hospitality group, Savor.
Today, KMD also reported non-executive director Zion Armstrong had resigned to focus on his role as CEO of children’s clothing company Jamie Kay.
Kirk, who reported plans to step down in March, will remain on the board until another New Zealand-based director is appointed so KMD remains in compliance with NZX rules.
KMD has begun searching for two new non-executive directors.
Contact confirms chair transition
Contact Energy has confirmed chair Rob McDonald will step down at this year’s annual meeting, with current director Jon Macdonald to succeed him.
McDonald, who previously served as Air New Zealand chief financial officer for five years until January 2018, chaired Contact from September 2018 after joining the board in 2015.
In a statement to the NZX he said it had been a privilege to serve on the Contact board.
“I am proud of what we have achieved together and have every confidence in Contact’s future. Jon is an outstanding director, and I am delighted that he will succeed me as chair. The company will be in very good hands under his leadership.”
Macdonald joined the Contact board in November 2018 and was previously chief executive of TradeMe. His is also a director of Mitre 10 New Zealand and Kiwibank.
Contact CEO Mike Fuge said the company would miss McDonald’s wise counsel, “but we are pleased to see Jon stepping into the role of chair".
SkyCity cuts profit guidance
Casino operator SkyCity has warned its profits will be lower than expected this year as customer patronage has been hit by higher fuel prices.
In a statement to the NZX, SkyCity said it was now expecting reported earnings before interest, tax, depreciation and amortisation of $155-$165 million for the year to June, down from previous guidance of $170.6-$190.6m.
The company said trading and visitation had been affected at its Auckland and Adelaide precincts since March, particularly by fuel price rises.
The revised guidance was based on current trading conditions persisting for the rest of the financial year, it said, but “significant uncertainty exists on the breadth and duration of prevailing macroeconomic conditions, and further deterioration in these conditions could affect this guidance”.
SkyCity also said it had reached a conditional deal to sell its Auckland office building at 99 Albert St for a confidential amount and it was looking for a buyer for its newly built Grand Hotel.
First low-emission, controlled-release, fertiliser plant opens
New Zealand fertiliser company Tnue (Total Nutrient Use Efficiency) has opened the country's first low-emissions, controlled-release nitrogen fertiliser manufacturing plant in Taupō. Using a proprietary technology, it applies a thin membrane to each fertiliser granule, which causes nitrogen to be slowly released over about three months, instead of all at once. Tnue co-founder Bruce Smith said the plant marked a significant milestone for New Zealand’s agritech sector and its transition to greater efficiency and lower-emissions farming. It came at a critical moment, with supply line disruptions in the Middle East, and farmers facing heightened uncertainty about the cost and availability of nitrogen. In 2023, Tnue received $1.1 million from the Regional Strategic Partnership Fund to help build the plant. Cleantech company Eko360 holds 63% of Tnue, while New Zealand Green Investment Finance holds a 36.9% stake.
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Fri 01 May 2026 12:00:32pm
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