The NZX-50 yesterday tested new lows, following the lead of
the Dow Jones Industrial index which fell to a six-year low
as United States bank shares plunged on investor fears.
The Government's financial position is almost certain to
worsen as the year progresses and tax revenue slips as
company profits fall.
The ambitious Five Mile development on the outskirts of
Queenstown has been put up for a mortgagee sale, but its
developer, Dave Henderson, says he remains determined to see
International brewer Lion Nathan defied volatile conditions
to report improved trading figures for the three months ended
Jewellery retailer Michael Hill International used a tax
credit of nearly $53 million to help substantially boost its
after-tax profit in the six months ended December 31.
A non-cash write-down of Auckland International Airport's
investment property portfolio marred an otherwise strong
financial result for the six months ended December.
Companies reporting their interim results this week can
expect to come under close scrutiny from sharebrokers as the
balance sheets are dissected for clues about future earnings
and ongoing dividends.
Energy company Vector Ltd provided a bright spot for
investors yesterday when it reported an improved interim
result for the six months ended December 31.
Tourism Holdings Ltd yesterday reported an interim financial
result that disappointed the market, with a warning from
chairman Keith Smith about an uncertain climate for forward
The Government appears to be backing away from providing any
guarantee to preventing Fisher and Paykel Appliances from
failing after the company indicated on Monday it was in some
cars for sale
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