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Annual inflation falls to 2.2%, close to the middle of the key 1-3% target band, in line with what analysts and economists had expected.
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Dealmakers 2024: Big deals – NZ’s top M&A advisers
Tim Hunter, Will Mace, Hamish McNicol and Kate McVicar.
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Whole milk powder price holds ground at latest auction: GDT
Key export commodity whole milk powder held steady at the latest dairy auction, while gains and losses were recorded for other commodities.
The overall index fell 0.3% to US$3852 per tonne, following two consecutive gains.
The whole milk powder price held steady at US$3553, while cheddar cheese and anhydrous milk fat made gains. Butter, lactose, mozzarella, and skim milk powder all declined.
Last month, Rabobank’s rural confidence survey increased to a ‘net positive’ level for the first time since late 2021, boosted by higher commodity prices and falling interest rates.
Dairy giant Fonterra also reported its net profit for the year to July 31 was $1.13 billion, down from a record $1.58b in 2023.
Revenue of $22.8b was down from $24.6b a year earlier, while the total paid for New Zealand milk supply was $11.7b, down from $12.3b.
Most Synlait bondholders take early repayment option
Investors holding $169 million of Synlait bonds have elected to redeem them early after the milk processor’s capital raise triggered the payout option.
The $180m bond issue was due to be repaid on December 17.
In a statement to the NZX, Synlait said a share placement to Bright Dairy had increased its stake to 65.3%, representing a change of control event under the terms of the bond and an early redemption right.
The 10-day period to opt for early repayment ended on Tuesday and the $169m will be repaid on November 13. The remaining $11m of bonds are tradable on the NZDX until December 4 and will be repaid on maturity.
Construction costs resume uphill march
Construction costs, as measured by the Cordell construction cost index, resumed their upward trajectory during the September quarter, up 1.1% and the first time quarterly growth has been above 1% in almost two years. That reverses a general trend of static costs following an 18-month building industry slowdown aligned with the high interest rate cycle. The annual index increase, however, remains at 1.3%, the second-lowest level in 11 years and well under the longer-term average rate of 4.3%. The index also recorded a drop in sub-contractor charge-out rates and the cost of plumbing materials such as PVC piping for the quarter. That was offset by window hardware and kitchen joinery costs, which rose. There are about 26,000 properties on the market, which is 3000 up on the same time last year and double the 13,000 that were listed in 2021, at the height of the market. The supply pipeline has also slowed, with consents at 33,632 in August, down more than a third on the 51,000 in May 2022.
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