Riley Kennedy

Auckland, Hamilton, Manawatu-Wanganui

@businessdesk_nz reporter. South Islander turned Aucklander. Eats meat, wears wool. Likes beer, loves racing. NZSA emerging journalist of the year, 2022.

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Articles

Tourism Holdings and inflation updates drive NZX up

1 week ago | businessdesk.co.nz | Tom Raynel |Riley Kennedy |Rebecca Stevenson

The New Zealand sharemarket fell today as the reporting season ended, with the market now beholden to ongoing international impacts.The S&P/NZX 50 Index closed up 0.42% or 51.07 points, rising to 12,118.99, with 38 million shares changing hands to the value of $115.1m.The S&P/NZX20 index closed at 7,201.19, up 0.39%, while the S&P/NZX10 index closed at 1,831.27, up 0.27%.There were 78 gainers on the main board and 54 decliners.Tourism woesThe story of the day was with Tourism Holdings (THL),...
NZ stocks defy offshore trend to end stronger

1 week ago | businessdesk.co.nz | Jamie Gray |Riley Kennedy |Gregor Thompson

The New Zealand sharemarket defied bearish overseas trends to end firmly, despite two profit downgrades from leading names.The benchmark S&P/NZX 50 index ended at 12,067.92, up 56.57 points or 0.47%.There were 65 rises and 63 falls among the 41.6 million shares (worth $141.6m) traded.Global stocks had been mixed as investors digested strong bank earnings and monitored ongoing developments in the US-China trade war.Futures trading suggested the US was in for another down day after Nvidia...
Scales ups its stake in Shelby Foods by 7.5% for $41.3m

1 week ago | businessdesk.co.nz | Riley Kennedy

Scales Corporation has upped its stake in the US pet food business Shelby Foods.It has acquired a further 7.5% of the business for US$24.4 million (NZ$41.3m).
Global dairy prices notch upwards - again

1 week ago | businessdesk.co.nz | Riley Kennedy

Global dairy prices have strengthened despite the global market turmoil of recent weeks.Wednesday morning’s Global Dairy Trade (GDT) auction was much anticipated, given it was the first since US President Donald Trump’s “Liberation Day” two weeks ago.The GDT Price Index increased 1.6% to an average price of US$4,385/MT (NZ$7,434).
Ballance Agri-Nutrients looks at halting manufacturing at Mount Maunganui site

1 week ago | businessdesk.co.nz | Riley Kennedy

Ballance Agri-Nutrients is looking to halt the manufacturing of sulphuric acid and single super phosphate at its Mount Maunganui site.If the plan goes ahead, 68 roles would be disestablished, and six new roles would be created, resulting in a net reduction of 62 roles.The site also houses its head office and, given its proximity to the Port of Tauranga, would continue to do so while being used for nutrient storage and distribution.Phosphate would continue to be manufactured at its Awarua...
Fonterra's Mainland Group sale could fetch between $2.5b and $3b, Forsyth Barr says

1 week ago | businessdesk.co.nz | Riley Kennedy

Forsyth Barr believes Fonterra Co-operative Group’s soon-to-be spun-out Mainland Group could be worth between $2.5 billion and $3b.However, the top end of that is only likely achievable in a trade sale.The co-op is running a dual-track process to divest its consumer business, which includes all of its Australian operations, with non-binding bids for a trade sale being worked through.In the event of an initial public offering (IPO), the likely dual-listed business would be led by chair Liz...
Will dairy prices be trumped by tariff turmoil at Global Dairy Trade auction?

1 week ago | businessdesk.co.nz | Riley Kennedy

All eyes will be on the Global Dairy Trade auction this week to see how, if at all, Donald Trump’s ensuing trade war impacts prices.It has been nearly two weeks since US President Donald Trump imposed a wide range of tariffs, sending markets into turmoil.While there may have been a brief respite, China – the largest buyer of NZ dairy products – is Trump’s main target for now.A Chinese dairy industry source told BusinessDesk while the general demand was unlikely to change, the impact was...
‘Getting on with it’: Bremworth board moving quickly to spin business around

2 weeks ago | businessdesk.co.nz | Riley Kennedy |Greg Hurrell

The departure of Bremworth’s chief executive Greg Smith was a mutual decision, its new chair says.The wool carpet and rug manufacturer announced on Thursday that Smith would leave the top job on Friday after nearly four years, to be replaced on an interim basis by Craig Woolford.It comes less than a month after the board was replaced in an effective coup that saw Rob Hewett replace George Adams as chair.During his tenure, Smith, the former chief executive of Icebreaker and before that a...
New Zealand’s S&P/NZX 50 Index jumped 3.4% on the open

2 weeks ago | businessdesk.co.nz | Rebecca Howard |Riley Kennedy

New Zealand’s S&P/NZX 50 Index jumped 3.4% on the open after Wall Street soared on US President Donald Trump’s tariff pause.The NZ market “will bounce but not as much as we haven’t been savaged as much as similar US stocks”, Forsyth Barr senior investment advisor Brad Gordon said. Australia is likely to bounce harder, given the fall across the Tasman has been steeper.
DairyNZ raises levy for first time in 16 years

2 weeks ago | businessdesk.co.nz | Riley Kennedy |Greg Hurrell

Industry good organisation DairyNZ will raise its levy for the first time in 16 years.Having been held at 3.6c per kilogram of milksolids since 2006 it will move to 4.5c from the start of the new dairy season on June 1.It will be held at that rate for a minimum of three years and the move comes after a consultation round with farmers with more than 1500 formal feedback submissions.Under the levy Commodity Levies (Milksolids) Order, which is subject to a vote every six years - the last being...