Retail spending on electronic cards rises 0.4%

New Zealand retail spending on electronic cards rose as expected last month, led by fuel, motor vehicle-related spending and durables.

Spending on debit, credit and charge cards rose 0.4%, seasonally adjusted, in October, following a 0.6% decline in the previous month, Statistics New Zealand says. Core retail, which excludes motor vehicle related spending, gained 0.2%.

Consumer-related stocks on the NZX 50 Index have been among the biggest gainers this year, with a 35% gain based on the NZSE Consumer Index, outpacing the broader market. Briscoe Group has climbed 49% this year, while jeweller Michael Hill International is up 39%.

The 0.4% gain in the latest month matched the forecast in a Reuters survey. Actual sales were up 3.2% from a year earlier.

Spending on fuel rose 1.6% and spending on durables, which include furniture, hardware and appliances, rose 0.7% in October. Consumables, such as food and liquor, fell 0.6% after a decline of 0.7% the previous month.

The electronic cards data covers about two-thirds of retail spending in New Zealand.

Total card transactions, including those not related to retailing, also rose 0.4%.

(BusinessDesk)


1 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

Anyone know if the rumour of Goodmans announcing another capital raising next week are true? Underwritten by ACC and the likes no doubt

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7166 -0.0008 -0.11%
AUD 0.9121 -0.0022 -0.24%
EUR 0.6089 -0.0007 -0.11%
GBP 0.5429 -0.0010 -0.18%
HKD 5.5950 -0.0061 -0.11%
JPY 80.3100 -0.2110 -0.26%

Commods

Commodity Price Change Time
Gold Index 1284.9 -9.930 2017-10-17T00:
Oil Brent 57.9 0.040 2017-10-17T00:
Oil Nymex 51.9 0.010 2017-10-17T00:
Silver Index 17.0 -0.328 2017-10-17T00:

Indices

Symbol Open High Last %
NZX 50 8112.1 8131.5 8112.1 0.04%
NASDAQ 6621.4 6628.6 6624.0 -0.01%
DAX 13012.8 13015.6 13003.7 -0.07%
DJI 22952.4 23002.2 22957.0 0.18%
FTSE 7516.2 7537.9 7516.2 0.25%
HKSE 28636.2 28729.3 28697.5 0.01%
NI225 21374.7 21402.8 21336.1 0.13%
ASX 5889.6 5906.1 5889.6 0.12%