Five Big Things That Happened Today: Tuesday, July 22
1 Sky TV agrees to buy Three for $1
Sky TV has agreed to buy Three owner Discovery NZ for $1, the company announced this morning.
The agreement was announced to the NZX, and means US television giant Warner Bros Discovery will leave New Zealand's free-to-air television market.
Under the deal, Sky would take control of all TV3 brands, including Three, Bravo, Eden, Rush, HGTV, and the network's streaming platform, ThreeNow.
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2 Debt collector convicted and fined $115,500 for 'misleading conduct'
A debt collector and his company have been ordered to pay $115,500 in fines and emotional harm reparations.
Director John Stuart Campbell and his company Law Debt Collection pleaded guilty in the Manukau District Court to making misleading representations when collecting debt after a prosecution by the Commerce Commission.
Read More
3 Serious crash causes major delays on SH1 in Horowhenua
A section of State Highway 1 between Ōtaki and Levin was closed "for several hours" today following a serious crash — with a nearby marae open to motorists held up.
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Emergency services responded to the scene at Manakau between Whakahoro Rd and Kuku East Rd, about 10.20am.
Read More
4 Man arrested seven years after cold case killing of Hawke's Bay dad
A man has been arrested nearly seven years after the killing of a Hawke's Bay father in Flaxmere.
Eddie Peters, 45, was beaten and left for dead on the driveway at a home on Diaz Drive in Flaxmere during the early hours of Friday, November 16, 2018. He died eight days later at Wellington Hospital.
Read More
5 Time running out for Lotto first division winner to claim prize
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A $200,000 Lotto prize is soon set to expire – with the ticket holder still not having claimed their winnings.
The ticket was purchased at Coastlands Lotto in Paraparaumu on the Kāpiti Coast. It is set to expire on August 31 – one year from its draw date.
Read More
Watch: Luxon hits back at Hipkins calling Family Boost an 'absolute flop'
Prime Minister Christopher Luxon said he won't be taking any lectures from Labour leader Chris Hipkins.
Watch Here
ONE SEWING JOURNEY
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Jordaan Tuitama got into sewing four years ago.
Now the 38-year-old man is breaking stereotypes of what sewing is and who it's for.
Read More
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NZ Herald
6 hours ago
- NZ Herald
Amid the doldrums, market likes Sky-TV3 deal
'In line with Sky, we assume DNZ will generate $10 million ebitda [earnings before interest, tax, depreciation and amortisation] from 2028, with limited downside risk, given the $1 acquisition price.' Cost synergies provided a 'credible path to profitability', Craigs said. 'Sky will inherit a working capital tailwind from DNZ's prepaid content, allowing it to expense programming without cash outlay for the first 12-18 months, boosting DNZ's free cashflow contribution to a slight positive.' Sky is confident cost synergies can enable a $20m improvement in ebitda over the next three years. Craigs maintained its 'overweight' recommendation on Sky, with a target price of $3.63. Forsyth Barr said it looked like a sensible deal for Sky TV shareholders. 'Consolidating legacy media makes strategic sense from both a revenue and cost perspective,' the broker said. 'Sky TV's offering to advertisers as well as content providers will have strengthened meaningfully.' Forsyth Barr retained its outperform rating with an increased price target of $3.55 (from $3.20). Will rugby be the winner from the Sky TV-TV3 deal? Photo / Photosport Leading rugby writer Gregor Paul also likes the deal. 'In making a $1, debt-free purchase of TV3 and its associated brands, Sky TV has not only made itself the kingpin of a revamped media sector, it has, for the next five years at least, dramatically changed the way Kiwis will be able to consume rugby,' Paul said in his Herald column. Holding pattern The New Zealand sharemarket looks to be in a holding pattern while other markets soar. The S&P/NZX50 Index, which includes dividend payments, has lost about 2.4% in the year to date while the S&P/NZX50 Capital Index, which excludes dividends, fared worse – dropping 3.8% over the same period. 'It's nothing to panic about or be particularly worried about, but it's also nothing to be excited about for investors,' Craigs Investment director Mark Lister said. 'And the housing market probably looks quite similar.' 'It's been a very lacklustre year. 'It has not fallen out of bed, but it hasn't really gone up either – down six out of the past seven months. 'Whether you've been in New Zealand shares, whether you've been in New Zealand property, or whether you've been in commercial property, they've all been pretty flat to slightly down, which is in contrast to what we've seen internationally.' So far this year, the UK market has gained 10%, the US 7%, Australia 6%, Europe 8% and emerging markets up 16%. Lister said last year reaffirmed to investors the importance of international exposure. 'If you had been too hunkered down in New Zealand, you would have left money on the table, and it's been the same again this year.' Interestingly, New Zealand bonds have actually done better. 'So the boring stuff has performed better than the more exciting stuff in New Zealand, at least this year,' Lister said. 'And you've been better off if you've gone overseas, in terms of investing, so we're still waiting for that recovery, both in the housing market and in the sharemarket.' Expensive CBA? Commonwealth Bank of Australia (CBA), Australia's largest listed bank and the owner of ASB in New Zealand, has been a thorn in many active managers' portfolios for a while, Fisher Funds portfolio manager – Australian equities Robbie Urquhart said. It has the largest weighting in the ASX200 index, and its share price has had a stellar run, returning over 50% in the year to June 30. 'The problem for many active managers is that they've held CBA at a lower weighting than its index weight (over 10% of the index),' Urquhart said. 'So this share price performance has been a big headwind to overcome for managers seeking to 'beat the market'.' Urquhart said CBA is 'unequivocally well run'. 'The reason fund managers have been underweight largely comes down to valuation. 'CBA's earnings growth has been anaemic, and its share price move has been largely about multiple expansion.' In other words, CBA has become expensive. The big change we've seen on the ASX this month is that CBA's share price performance has reversed, Urquhart said. Buoyed by rising commodity prices, easing trade war concerns and talk of potentially large infrastructure projects in China, the beleaguered mining and resources companies have finally sprung to life. Large, diversified miners BHP and Rio Tinto have returned 14% and 12% respectively in July thus far, strongly outperforming the index. In contrast, CBA has been the casualty – falling 6%. 'This is suggestive of Australian investors selling CBA to fund buying in resources names,' Urquhart said. 'The big question is whether this is temporary, or the start of a more enduring trend.' As the reporting season nears, all eyes will be on the results from Aussie heavyweights CBA, BHP and Rio Tinto. 24-hour trading? London Stock Exchange Group is weighing up whether to launch 24-hour trading as bourses race to extend access to stocks amid growing demand from small investors active outside normal business hours, the Financial Times reports. The group is looking into the practicalities of increasing its trading hours, according to people familiar with the situation, from the technology required to regulatory implications, the paper said. Outlook Looking ahead, Wednesday has annual meetings for Ryman Healthcare and Mainfreight, and the market will be expecting a heads-up from both companies regarding their expected earnings for the current 2026 financial year. Ryman, which has been beaten up by the market over poor earnings and a couple of big capital raises, has seen its share price improve in recent weeks. Mainfreight – with its strong links to the global economy – will also be closely watched. Later in the week, second-quarter results from Apple, Amazon and Microsoft – a fair whack of America's so-called Magnificent Seven – are due out. Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.
NZ Herald
2 days ago
- NZ Herald
New Zealand sharemarket dips as F&P Healthcare, Infratil shares fall
New Zealand's largest stock, Fisher & Paykel Healthcare, fell for a second day after it hosted an investor day in Melbourne, although Goodson said there was no real news for Kiwi investors. F&P shares fell 28c to $36.41, after 328,025 shares changed hands, worth $11,918,976.27. Meanwhile, Infratil shares fell 2.45% to $11.17. 'The other key name in the index was down. In the Australian close last night Infratil entered the ASX 200 index, so buying in anticipation of that may now be absent and that could perhaps explain that decline,' Goodson said. Elsewhere, Sky TV continued its positive momentum following the news it had agreed to purchase TV3 for $1 on a cash-free, debt-free basis. Today, analysts at fund manager Octagon said the business will be worth 35c per share to its new owner – or just over $48m. Sky TV's share price climbed 6c to $3.12. 'It's hardly operating in growth markets. By bolting on a business like that and hopefully extracting some cost and revenue synergies in the future, they may be able to stem some of the structural pressures that they face,' Goodson said. He also pointed out the Colonial Motor Company, one of New Zealand's longest-listed companies. It had $125,212.55 worth of shares trade on light volume. The business, which owns a number of Ford dealerships and franchises around the country, released a guidance upgrade to its second-half results, saying it is shaping to contribute to a more positive outcome for the full-year trading profit after tax than was anticipated in February. 'It's not a reflection of the overall economic environment, rather pockets of the wider vehicle market. I think it's pointing to what's becoming fairly clear in this economy, which is that large parts of the rural sector are having a pretty good year or two, but that's yet filtering through to town,' Goodson said. Global markets The Nasdaq retreated from a record Tuesday on a mixed day for stocks as markets looked ahead to upcoming earnings reports from Google parent Alphabet and Tesla. The two reports on Wednesday are the first of Wall Street's 'Magnificent Seven' equities to report this season. The group was mixed, with drops in Nvidia and other semiconductor equities consistent with profit-taking after earlier gains, analysts said. The tech-rich Nasdaq fell 0.4% to 20,892.69, snapping a six-day streak of record high finishes. But the broad-based S&P 500 edged up 0.1% to 6309.62, finishing at a record, while the Dow Jones Industrial Average climbed 0.4% to 44,502.44. Art Hogan of B. Riley Wealth Management described the market as in a 'wait-and-see' mode ahead of earnings from the most influential equities. – Additional reporting AFP Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
1News
2 days ago
- 1News
Five Big Things That Happened Today: Tuesday, July 22
Sky TV buys Three for $1; Winning Lotto ticket set to expire; Debt collector convicted and fined $115,500 for 'misleading conduct'. 1 Sky TV agrees to buy Three for $1 Sky TV has agreed to buy Three owner Discovery NZ for $1, the company announced this morning. The agreement was announced to the NZX, and means US television giant Warner Bros Discovery will leave New Zealand's free-to-air television market. Under the deal, Sky would take control of all TV3 brands, including Three, Bravo, Eden, Rush, HGTV, and the network's streaming platform, ThreeNow. ADVERTISEMENT Read More 2 Debt collector convicted and fined $115,500 for 'misleading conduct' A debt collector and his company have been ordered to pay $115,500 in fines and emotional harm reparations. Director John Stuart Campbell and his company Law Debt Collection pleaded guilty in the Manukau District Court to making misleading representations when collecting debt after a prosecution by the Commerce Commission. Read More 3 Serious crash causes major delays on SH1 in Horowhenua A section of State Highway 1 between Ōtaki and Levin was closed "for several hours" today following a serious crash — with a nearby marae open to motorists held up. ADVERTISEMENT Emergency services responded to the scene at Manakau between Whakahoro Rd and Kuku East Rd, about 10.20am. Read More 4 Man arrested seven years after cold case killing of Hawke's Bay dad A man has been arrested nearly seven years after the killing of a Hawke's Bay father in Flaxmere. Eddie Peters, 45, was beaten and left for dead on the driveway at a home on Diaz Drive in Flaxmere during the early hours of Friday, November 16, 2018. He died eight days later at Wellington Hospital. Read More 5 Time running out for Lotto first division winner to claim prize ADVERTISEMENT A $200,000 Lotto prize is soon set to expire – with the ticket holder still not having claimed their winnings. The ticket was purchased at Coastlands Lotto in Paraparaumu on the Kāpiti Coast. It is set to expire on August 31 – one year from its draw date. Read More Watch: Luxon hits back at Hipkins calling Family Boost an 'absolute flop' Prime Minister Christopher Luxon said he won't be taking any lectures from Labour leader Chris Hipkins. Watch Here ONE SEWING JOURNEY ADVERTISEMENT Jordaan Tuitama got into sewing four years ago. Now the 38-year-old man is breaking stereotypes of what sewing is and who it's for. Read More
