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Asia

New Zealand Shares at All-Time High; Meridian Energy Logs Earnings in Fiscal 2026, Revenue Down

New Zealand shares reached an all-time high on Wednesday as nearly all Asian markets saw gains after Tuesday's rally in Wall Street shares.The S&P/NZX 50 Index gained 0.15% or 20.49 points to close at 14,013.21, reaching an all-time high and crossing the 14,000 mark.On Tuesday, the S&P 500 added 0.3%, and the Nasdaq Composite gained 0.7%, while the Dow Jones lifted 0.3%.In domestic news, total new residential mortgage lending in New Zealand fell to NZ$7.85 billion in July from NZ$8.45 billion in June, according to data from the Reserve Bank of New Zealand.In corporate news, Meridian Energy (ASX:MEZ, NZE:MEL) logged NZ$0.049 in earnings per share for fiscal 2026, compared with a loss of NZ$0.174 a year ago.Scales (NZE:SCL) logged NZ$0.36 in underlying earnings per basic share for the first half, compared with NZ$0.34 a year ago.

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Asia

Meridian Energy Logs Earnings in Fiscal 2026, Revenue Down

Meridian Energy (ASX:MEZ, NZE:MEL) logged NZ$0.049 in earnings per share for the fiscal 2026, compared with a loss of NZ$0.174 a year ago, a Wednesday filing showed.Analysts polled by FactSet expected earnings of NZ$0.22.For the 12 months ended June 30, operating revenue was NZ$3.88 billion versus NZ$4.84 billion previously, the dual-listed renewable energy generator and retailer added. Analysts surveyed by FactSet expected NZ$3.7 billion.The board declared a final dividend of NZ$0.161 per share, up from NZ$0.1485 a year earlier, payable Sept. 22 to shareholders on record as of Sept. 4.The company expects fiscal 2027 earnings before interest, tax, depreciation, amortization, and fair value adjustments of NZ$1.04 billion to NZ$1.12 billion and capital expenditure of NZ$370 million to NZ$410 million.

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Asia

New Zealand Shares Rise Slightly; Contact Energy Posts Higher Retail Electricity, Gas Sales in July

New Zealand shares ended slightly higher on Friday after Thursday's Wall Street rally, while a US-Iran peace deal remained elusive.The S&P/NZX 50 Index rose 0.21% or 29.08 points to close at 13,854.38.On Thursday, the S&P 500 rose 0.7%, the Nasdaq gained 0.8%, while the Dow Jones was up 0.1%.The US said on Thursday it could maintain its naval blockade of Iran indefinitely and would intensify economic pressure on Tehran, as ceasefire talks stalled, global oil supply tightened, and regional tensions continued to rise, according to a Reuters report.In domestic news, the Reserve Bank of New Zealand (RBNZ) on Friday left loan-to-value ratio (LVR) settings unchanged in its annual review of macroprudential policy, noting that housing risks are currently contained.Further, manufacturing in New Zealand continued to expand in July, although at a slower pace than in June, as broader sentiment remained negative, with concerns about the Middle East conflict and cost pressures holding back spending, BusinessNZ said.Also, costs for supermarkets in New Zealand from grocery suppliers increased 1.9% in July from a year earlier, Infometrics said in a report.In corporate news, Contact Energy's (ASX:CEN, NZE:CEN) retail mass-market electricity and gas sales increased year on year in July, alongside a rise in wholesale contracted electricity sales.Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 870 gigawatt-hours (GWh) in July from 850 GWh a year earlier.

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Asia

Meridian Energy Retail Contracted Sales Volumes Rise in July

Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 870 gigawatt hours (GWh) in July from 850 GWh a year earlier, according to Friday filings with the New Zealand bourse.Compared with the prior corresponding period, residential sales soared nearly 14%, large business sales rose 7.4%, small medium business sales increased 3%, agriculture sales rose 1.8%, while corporate sales fell by 7.6%.National electricity demand in July was 1.9% higher compared with the year earlier. In the month to Aug. 10, national hydro storage decreased to 128% from 136% of the historical average.Total inflows for July reached 162% of the historical average.

ASX:MEZNZE:MEL
Asia

New Zealand Advocacy Groups Call for Separation of Gentailers' Retail, Generation Operations

The Auckland Business Chamber and advocacy group Northern Infrastructure Forum on Tuesday called for the separation of the generation and retail operations of New Zealand's major energy companies, saying that the proposal will help boost competition in the retail market.The proposal is part of a two-step plan for the domestic energy market's reform, which also includes the establishment of long-term energy supply agreements for generation to enable independent projects to bypass the firming barrier.The parties said New Zealand has the potential to grow its economy by NZ$30 billion annually if it can bring on an additional 20 terawatt-hours of supply.This will require policymakers to resolve structural issues related to market concentration, with four gentailers controlling 85% of the country's generation and 95% of firming, or back-up supply, as well as their vertically integrated model where generation and retail arms operate as a single, integrated business."Concentration on the generation side incentivizes gentailers to hold back new supply, because additional supply will bring down prices and reduce income from existing assets," said Auckland Business Chamber CEO Simon Bridges.The proposal to separate generation and retail operations does not represent a structural break-up as it does not involve forced asset sales, said Northern Infrastructure Forum Executive Director Barney Irvine."It simply means the internal deal-making that currently keeps the contracts market illiquid is replaced by real market trading," Irvine added.In a response to' request for comment, the industry organization Electricity Retailers & Generators NZ, or ERGANZ, said that "any reforms should ultimately be judged against whether they improve affordability and reliability of the energy system."

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Asia Markets

New Zealand Shares Fall; AFT Pharmaceuticals Chair to Retire

New Zealand shares ended lower on Friday while most Asian markets saw gains, helped by Thursday's Wall Street rally, and South Korean shares recovered after a steep fall.The S&P/NZX 50 Index fell 0.46% or 63.50 points to close at 13,699.28.On Thursday, the Nasdaq Composite added 2.8%, the S&P 500 gained 1.7% while the Dow Jones lifted 1.2%.Meanwhile, US President Donald Trump said Thursday's Cairo talks between mediators and Hamas produced a phased disarmament agreement in Gaza, though a Hamas official called it a draft proposal and US officials said Israel doubted the militant group would give up its weapons, according to a Thursday Reuters report.On the domestic front, consumer confidence in New Zealand rose 8 points to 99.3 in July amid unstable oil prices and an interest rate hike, still 8 points below its January peak but well above the April low, ANZ Research said.Also, New Zealand's lending from registered banks and non-bank lending institutions increased in June, driven by growth in housing, business, and agricultural lending, while personal consumer lending edged lower compared with the previous month, according to data from the Reserve Bank of New Zealand.In corporate news, Meridian Energy (ASX:MEZ, NZE:MEL) received a key remaining resource consent from Palmerston North City Council allowing for the 172-megawatt (MW) repowering of its Te Rere Hau wind farm in Manawatū, New Zealand.AFT Pharmaceuticals (ASX:AFP, NZE:AFT) said Chair David Flacks intends to retire within the next 12 months after a successor is appointed.

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Asia

Meridian Energy Secures Resource Consent for Repowering of New Zealand Wind Farm; Shares Jump 4%

Meridian Energy (ASX:MEZ, NZE:MEL) received a key remaining resource consent from Palmerston North City Council allowing for the 172-megawatt (MW) repowering of its Te Rere Hau wind farm in Manawatū, New Zealand, according to filings with both the Australian and New Zealand bourses.Consent was required to accommodate the relocation of an Airways communication facility to a new site, per the filing. Additional consents are required for minor road upgrades.The wind farm has 91 small turbines with generation capacity of 45.5 MW, the filing said. The proposed repowering project will involve the construction and operation of up to 40 new turbines, with generation capacity of up to 172 MW. A final investment decision is expected from the board in early 2027.The company's shares rose nearly 4% in recent trading on Friday on ASX.

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Asia

New Zealand Shares Reach All-Time High; Spark New Zealand Starts Review of Digital Services Division

New Zealand shares rose to their all-time high as most Asian markets saw gains amid a pause in the Middle East conflict.The S&P/NZX 50 Index rose 0.57% or 78.40 points to close at an all-time high of 13,850.69.Iran said it would halt its attacks if the United States did the same, Reuters reported on Sunday, citing a senior Iranian official, as Washington paused its bombing campaign after advisers warned Trump that viable targets were dwindling and raised concerns about straining the US arsenal.On the domestic front, total new residential mortgage lending in New Zealand fell to NZ$8.45 billion in June from NZ$8.63 billion in May, according to data from the Reserve Bank of New Zealand.In corporate news, Spark New Zealand (ASX:SPK, NZE:SPK) started a strategic review of its Digital Services division.Meridian Energy (ASX:MEZ, NZE:MEL) has received approval to develop the 110 megawatt Morrinsville Solar Farm in Waikato, with around 230,000 solar panels expected to generate up to 200 gigawatt-hours of renewable electricity annually, enough to power more than 25,000 homes.

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Asia

Meridian Energy Secures Approval for Morrinsville Solar Farm Development

Meridian Energy (ASX:MEZ, NZE:MEL) has received approval to develop the 110 megawatt Morrinsville Solar Farm in Waikato, with around 230,000 solar panels expected to generate up to 200 gigawatt-hours of renewable electricity annually, enough to power more than 25,000 homes, according to a Monday statement by the company.The 134-hectare project near the Piako substation will strengthen New Zealand's renewable energy supply, create over 100 construction jobs, support future battery storage, and improve local habitats through native planting, the company said.The project could begin construction in 2028, subject to approval from the company's board, and is expected to take around two years to complete.

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Research

Forsyth Barr Upgrades Meridian Energy to Neutral from Underperform; Price Target is NZ$6.10

Meridian Energy (ASX:MEZ, NZE:MEL) has an average rating of hold and mean price target of NZ$6.33, according to analysts polled by FactSet.

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Asia

Awareness of Power Support Services Grows in New Zealand, Electricity Authority Says

New Zealand's Electricity Authority on Wednesday published a post-implementation review that found increasing awareness of services that help consumers with utility disputes and price comparisons following measures implemented in 2021.The review showed that the majority of retailers and distributors are in compliance with requirements in the country's Electricity Industry Participation Code, making information about the support services generally available to consumers.Although awareness of dispute resolution services is still relatively low, there are signs of improvement as the latest Utilities Disputes annual report pointed to a 62% year-over-year increase in complaints, the Electricity Authority said.It added that retailers will be required to furnish information about utilities disputes on power bills starting from Oct. 30, as opposed to providing it only with billing communications.The review further found that roughly 60% of consumers are familiar with comparison and switching services, but awareness is lower among modest-income households.The New Zealand-listed shares of Genesis Energy (ASX:GNE, NZE:GNE) and Mercury NZ (ASX:MCY, NZE:MCY) were marginally lower in recent Wednesday trade, while Contact Energy (ASX:CEN, NZE:CEN) fell 2% and Meridian Energy (ASX:MEZ, NZE:MEL) shed past 1%.

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Asia

New Zealand Shares Rise; Meridian Energy Gets Corporate Credit Rating Affirmation From S&P Global

New Zealand shares ended higher on Friday despite most Asian shares seeing losses after a Thursday Wall Street sell-off and continued US-Iran conflict.The S&P/NZX 50 Index rose 0.59% pr 79.90 points to close at 13,94.68.On Thursday, the Nasdaq Composite fell 1.5%, the S&P 500 lost 0.5%, while the Dow Jones slid 0.2%.Iran launched fresh attacks on US facilities in the Gulf on Friday following a sixth consecutive night of US strikes on Iranian military targets, according to a Friday Reuters report.In domestic news, Petrol and diesel prices in New Zealand decreased by around 4.2% and 12%, respectively, in June compared with the previous month, according to a Stats NZ selected price indexes report.Further, New Zealand consumer prices are expected to climb by 1.5% in the June quarter as the Middle East conflict drives oil prices up, Westpac said.Also, ANZ now expects second-quarter annual headline inflation in New Zealand to accelerate by 0.9 percentage points to 4%, slightly below its previous forecast of 4.1% but still a touch higher than a New Zealand central bank estimate of 3.9%, ANZ said.In corporate news, Meridian Energy (ASX:MEZ, NZE:MEL) said S&P Global Ratings reaffirmed the company's corporate credit rating at "BBB+" with a stable outlook.Property For Industry (NZE:PFI) completed a refinancing of its bank facilities with ANZ Group (ASX:ANZ, NZE:ANZ) unit ANZ Bank New Zealand, Bank of New Zealand, Commonwealth Bank of Australia (ASX:CBA), and Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand unit.

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Asia

Meridian Energy Gets Corporate Credit Rating Affirmation From S&P Global

Meridian Energy (ASX:MEZ, NZE:MEL) said S&P Global Ratings reaffirmed the company's corporate credit rating at "BBB+" with a stable outlook, according to a Friday filing with the Australian and New Zealand bourses.The rating includes a one-notch uplift from the company's stand-alone rating of "BBB," reflecting the New Zealand government's majority ownership, per the filing.The company's Australian shares shed about 1% in recent Friday trade.

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Asia Markets

New Zealand Shares Flat; Meridian Energy Retail Contracted Sales Volumes Rise in June

New Zealand shares ended flat on Tuesday as most Asian markets saw losses as investors digested the continued US-Iran conflict.The S&P/NZX 50 Index was little changed to close at 13,615.51.US forces struck Iranian coastal defenses and missile sites twice on Wednesday following the reimposition of a naval blockade, as Iran hit back at American military installations in the region and framed the escalating conflict as an "existential war," according to a Wednesday Reuters report.New Zealand and Fiji signed a renewed five-year Duavata Partnership on Thursday, outlining cooperation priorities across trade, security, democracy, social development, and climate resilience for the period through 2030, according to a Thursday Reuters report, citing New Zealand Foreign Minister Winston ​Peters.In domestic news, New Zealand's national average asking price fell about NZ$11,000, or 1.3%, from May to NZ$823,300 in June, with new listings dropping 11% and demand measured by searches falling 14% month on month, according to a Thursday report by Trade Me.In corporate news, Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 822 gigawatt hours (GWh) in June from 773 GWh a year earlier.

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Asia

Meridian Energy Retail Contracted Sales Volumes Rise in June

Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 822 gigawatt hours (GWh) in June from 773 GWh a year earlier, according to Thursday filings with the Australian and New Zealand bourses.Compared with the prior corresponding period, residential sales soared past 16%, large business sales rose 9.2%, small medium business sales increased 5.3%, corporate sales edged up by 0.8%, and agriculture sales fell by 1.3%.National electricity demand in June was 0.1% lower compared with the year earlier. In the month to July 13, national hydro storage increased to 136% from 125% of the historical average, per the filing.Total inflows for June reached 187% of the historical average.

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Asia

ASX Midday Sector Update: Materials Stocks Advance, Utilities Struggle

Materials stocks advanced 2.3% to lead gainers in midday trading on Friday, as prices for precious metals, including gold and copper, pushed higher.BHP Group (ASX:BHP) gained over 1% after striking a definitive deal to sell its San Manuel property in Arizona, US, to Faraday Copper in return for a 30% stake in Faraday.Meanwhile, utilities stocks led decliners with a fall of nearly 0.8%.Origin Energy (ASX:ORG) and Meridian Energy (ASX:MEZ) both shed more than 1%.

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Asia

Meridian Energy 'Welcomes' Three-Year Easing of Lake Pukaki Hydro Storage Access Restrictions

Meridian Energy (ASX:MEZ, NZE:MEL) has "welcomed" the fast-track panel's final decision to temporarily ease access restrictions on Lake Pukaki hydro storage for the next three years, according to Friday filing with the New Zealand bourse."The easing of access restrictions will reduce dry-year risk and related price impacts through to Winter 2028, providing extra insurance for the system while more new generation capacity is constructed," said Mike Roan, the company's chief executive.The decision also permits the company to permanently install rock armoring at Pukaki Dam, enhancing the dam's resilience to wave erosion when the lake is at lower levels, the filing added.

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Asia

New Zealand Shares Rise; Meridian Energy Secures 35-Year Extension for Waitaki Power Scheme

New Zealand shares ended higher on Tuesday as Asian markets followed Wall Street's Monday rally, aided by confirmation of the US-Iran peace deal.The S&P/NZX 50 Index rose 0.49%, or 65.54 points, to close at 13,426.13.On Monday, the Nasdaq Composite gained 3.1%, the S&P 500 added 1.7%, and the Dow Jones rose 0.9%.In domestic news, the number of transport motor vehicle registrations in New Zealand in May, licensed for 12 months, fell to 3.8 million from nearly 3.9 million in the same period last year, according to figures released by Stats NZ.Also, petrol and diesel prices in New Zealand decreased by 3.8% and 11.4%, respectively, in May compared with the previous month, according to a Stats NZ selected price indexes report.Further, New Zealand's gross domestic product (GDP) is forecasted to have grown by 0.7% quarter-over-quarter and 1% year-over-year in the March quarter, below the Reserve Bank of New Zealand's 1% quarter-over-quarter expectation, and slightly below consensus at 0.8% quarter-over-quarter, BofA Securities said.Meanwhile, the New Zealand selected price indexes for May came in broadly as expected, reinforcing the downside risks to the June quarter consumer price index (CPI) forecast, ANZ Research said.In corporate news, Scott Technology (NZE:SCT) won a contract to supply an automated modular crush cell system to an unnamed testing, inspection, and certification provider.Meridian Energy (ASX:MEZ, NZE:MEL) secured approval by the Environment Court to continue operating the Waitaki Power Scheme for a further 35 years.

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Asia

Meridian Energy Secures 35-Year Extension for Waitaki Power Scheme

Meridian Energy (ASX:MEZ, NZE:MEL) has been granted approval by the Environment Court to continue operating the Waitaki Power Scheme for a further 35 years, according to Tuesday filings with the Australian and New Zealand bourses.The scheme, comprising six power stations with a total installed capacity of 1,553 megawatts, will maintain its existing storage, operating conditions, and generation capacity under the renewed consents, per the filing.The company stated it will immediately implement the conditions, including strengthened indigenous biodiversity management across the catchment in partnership with the Department of Conservation, the filing added.

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Asia

New Zealand Shares Fall; Meridian Energy Retail Contracted Sales Volumes Rise in May

New Zealand shares ended lower on Monday despite a broad-based rise in Asian shares after a Middle East peace deal was finally confirmed.The S&P/NZX 50 Index fell 0.25%, or 33.28 points, to close at 13,360.59.US and Iranian officials said they had reached a framework agreement to end the conflict, lift the U.S. blockade of Iran, and reopen the Strait of Hormuz, while Iran's nuclear program remains subject to further negotiations, Reuters reported on Sunday."The prospect of a sustained fall in energy prices changes the conversation for central banks just ahead of a flurry of policy decisions," said Sean Callow, a senior FX analyst at ⁠ITC Markets, as quoted by ReutersIn domestic news, New Zealand's services sector contracted further in May as weak consumer demand and rising costs continued to weigh on activity, according to a statement by BusinessNZ.Also, supplier costs for food supermarkets in New Zealand rose in May, marking an increase in the pace of growth after half a year of a slowdown, Infometrics said.Further, New Zealand's electronic card spending rose 2.2% month over month to NZ$9.85 billion in May on a seasonally-adjusted basis, compared with the 1.9% decrease recorded in the previous month, according to data from Stats NZMeanwhile, the volume of national home sales in New Zealand fell 12.6% year over year in May to 6,523, while the median sale price ticked 1.3% higher to NZ$775,000, according to data by the Real Estate Institute of New Zealand.In corporate news, Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 860 gigawatt hours (GWh) in May from 798 GWh a year earlier.Air New Zealand (NZE:AIR, ASX:AIZ) said Saturday it expects services in and out of Wellington airport to mostly start operating as scheduled on Saturday, June 13, following a fire incident on the night of Friday, June 12.

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