Rakon share spike, Wheeler's spring surprise and fair trade follies

The New Zealand Shareholders’ Association has complained to the NZX about an “unusual” Rakon share price rise leading up to last week’s announcement of a Chinese joint-venture factory sale, today’s National Business Review print edition reveals.

Meanwhile, a sudden interest rate hike could be on the cards in spring because of a falling exchange rate, the housing bubble and strong economic pick-up.

Economics editor Rob Hosking says most economists predict no official cash rate hike until March 2014, but a small group of outliers suggest that will be too late.

A run of almost exclusively positive data points to a pick-up in activity extending across most of the economy, not just in Auckland and Christchurch, boosted by a respective housing boom and earthquake recovery.

Editor-in-chief Nevil Gibson details a bunfight over “fair trade” endorsements, with Dilmah Tea founder Merrill Fernando saying the model for preventing exploitation is flawed.

With reports suggesting Z Energy’s partial float is advanced in planning, Shoeshine runs the numbers.

Meanwhile, talks are back on in Ports of Auckland’s long-running industrial dispute but an Employment Court hearing could lead to further delays.

In other news, a top commercial lawyer says court action over Pike River could set a dangerous precedent for limited liabilty companies.

Business editor Duncan Bridgeman plots the path to Synlait Milk’s listing.

In regular column Initiative Matters, Luke Malpass says why New Zealanders need to pay attention to a new Australian book which warns of a new ruling class there which lacks business acumen.

Also in today's print edition:

  • Margin Call outlines how Australia’s slowing resources boom is boosting its farming sector.
  • In Media, Victoria Young reveals how Telecom is searching for a permanent social media solution, causing a scramble in ad land.
  • Guest columnist Jordan Williams writes how the slow death of ACT and the timid voice of business is pushing National to the political centre.

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NZ Market Snapshot

Forex

Sym Price Change
USD 0.7030 0.0020 0.29%
AUD 0.9406 0.0027 0.29%
EUR 0.6282 0.0013 0.21%
GBP 0.5429 0.0019 0.35%
HKD 5.4748 0.0160 0.29%
JPY 78.7000 0.2390 0.30%

Commods

Commodity Price Change Time
Gold Index 1255.5 -9.660 2017-05-23T00:
Oil Brent 54.4 0.260 2017-05-23T00:
Oil Nymex 51.5 0.340 2017-05-23T00:
Silver Index 17.1 -0.050 2017-05-23T00:

Indices

Symbol Open High Last %
NZX 50 7386.0 7421.8 7384.7 0.50%
NASDAQ 6154.2 6154.2 6138.7 0.11%
DAX 12631.4 12662.0 12659.1 -0.26%
DJI 20949.2 20983.9 20937.9 0.10%
FTSE 7485.3 7519.6 7485.3 0.35%
HKSE 25382.3 25428.5 25403.2 0.10%
NI225 19777.6 19782.8 19613.3 0.66%
ASX 5760.2 5776.0 5760.2 0.15%