AGP Executive Report
Last update: 2 hours agoMarket Rally: The NZX 50 surged 2.2% to a record high as a global rally followed the US Democrats’ midterm sweep. Exporters including Fisher & Paykel Healthcare, Fonterra and A2 Milk led gains, while Westpac and ANZ lagged. BNZ Results: Bank of New Zealand’s annual profit fell 23% to $1.16 billion, or 6% excluding a software-accounting adjustment. Bad-loan charges and costs rose, and margins narrowed, though BNZ gained home-loan share for a fourth year. Jobs and Housing: Unemployment reached 5.7% in the September quarter, its highest since 2015, while home values fell 2.3% over the year to October. Buyers remain in a strong position as listings build. Infrastructure: Watercare is seeking contractors for two Auckland wastewater schemes worth about $500 million, part of a decade-long $15.2 billion water and wastewater investment programme.
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