FINWIRES · TerminalLIVE
FINWIRES

New Zealand Shares Flat; Air New Zealand CFO to Resign

By

-- New Zealand shares ended flat with a positive bias on Wednesday, while Asian shares were mixed after the US decided to extend the Iran ceasefire.

The S&P/NZX 50 Index was little changed to close at 12,945.60.

US President Donald Trump said he would extend the ceasefire with Iran indefinitely to allow more time for peace negotiations, though it remained unclear on Wednesday whether Iran or Israel would agree, according to a Wednesday Reuters report.

Meanwhile, the "golden visa" program of New Zealand has lured nearly NZ$4 billion in committed and pipeline investment in its first year, the government said on Wednesday, as Wellington looks to draw wealthy migrants and growth capital, Reuters reported on Wednesday.

In domestic news, a total of 14,993 metric tonnes (MT) of products were sold during the Global Dairy Trade auction held on Tuesday, with supply ranging from 14,166 to 18,737 MT, according to data from the trading platform.

In corporate news, Air New Zealand (ASX:AIZ, NZE:AIR) said that Chief Financial Officer Richard Thomson has resigned, effective Aug. 28.

NZX (NZE:NZX) appointed Graham Law, chief financial and corporate officer, as acting chief executive, effective May 1.

Related Articles

Asia

Finbar Group Completes Structural Works at Western Australia Development

Finbar Group's (ASX:FRI) construction of its Garden Towers development in Western Australia reached the topping-out stage with the completion of structural works, according to a Wednesday filing with the Australian bourse.Garden Towers comprises 330 residential units, with the 279 units sold to date representing AU$208 million by value, per the filing.Settlements are expected to start in the first half of fiscal 2027, subject to the completion of remaining construction and regulatory approvals.

$ASX:FRI
Research

Research Alert: CFRA Reiterates Sell Opinion On Shares Of Starbucks Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our price target by $8 to $82, 30x our FY 27 (Sep.) EPS estimate and in line with its 10-year average forward multiple. We raise our FY 26 estimate to $2.26 from $2.21 and FY 27's to $2.74 from $2.64. Following FQ2 results that showed strong global comp growth acceleration to 6.2% (+710 bps), we reiterate our Sell opinion. Shares trade at 30x forward earnings, in line with their long-term average, suggesting the market expects this momentum through FY 27. Our model assumes SBUX meets its 5% global comp growth goal in FY 26, with margin expansion due to waning store investment costs, lower interest expenses, and improved international segment margins from the Boyu Capital China joint venture. We believe it will be difficult to sustain operating margin improvement on comp growth alone, with new store growth of just 0.8% in FQ3 potentially not inflecting higher until FY 28. At current valuation levels reflecting optimistic assumptions, we see limited upside and maintain our Sell rating.

$SBUX
Asia

Meteoric Resources Completes AU$40 Million Capital Raise; Shares Fall 4%

Meteoric Resources (ASX:MEI) completed its AU$40 million equity raising, issuing 235 million new fully paid ordinary shares at AU$0.17 apiece to institutional and sophisticated investors, according to a Wednesday filing with the Australian bourse.The funds will be used to support advancement and pre-development activities at the Caldeira rare earth ionic adsorption clay project to support a final investment decision within the year, the filing added.The company's shares fell 4% in recent Wednesday trade.

$ASX:MEI