“ANZ’s business confidence measure dipped slightly, which reflected the talk of interest rate cuts being down for the year, although there are still elements of inflation pressure,” Smith said.
On the main board, Air New Zealand was the key result, with the company underperforming against its own expectations, reporting a $59m pre-tax loss in its half-year result.
The company cited engine maintenance delays, sluggish domestic demand, increasing aviation system costs and a weaker New Zealand dollar as reasons behind the decline.
Smith said Air New Zealand wasn’t alone in facing challenging conditions, referencing Qantas Airlines’ result, which noted softer-than-expected corporate demand.
Air New Zealand’s share price fell 1.74% or 1c to 56c after 6.2 million shares worth $3.5m were traded.
Elsewhere, Precinct Properties suffered a bottom-line profit drop after devaluations.
Precinct Properties’ net profit after tax fell from $9.2m in the December 2024 half-year to $2.9m, but the company is still advancing its 56-level Downtown Carpark redevelopment near Auckland’s waterfront.
Smith said Precinct’s Auckland office portfolio was performing well, although its Wellington arm was “unsurprisingly soft”.
Precinct Properties’ share price fell 3.06% or 3c to $1.11.
Meanwhile, Sky Television reported a strong $19.3m after-tax underlying profit, with its revenue boosted by its acquisition of Three (TV3).
However, the company said economic conditions “remain challenging in the near term”, reporting a further drop in the number of Sky Box and Neon customers.
Smith said it was a “pretty messy” result, but overall remained solid.
“They’ve made good money on the Discovery acquisition, and the Sky Box losses are declining. Sky Sport Now is also doing well, so it reaffirms how important the rugby and cricket coverage is to it.”
Sky Television’s share price rallied 3.38% or 11c to $3.36.
The wider NZ sharemarket was bolstered by its biggest inhabitant, Fisher & Paykel Healthcare. Its shares lifted 2.24% or 90c to $41 on turnover worth $17m.
Summerset Group also had a strong day ahead of its result on Friday, rallying 4.18% or 43c to $10.71.
Ryman Healthcare followed suit, rallying 5.08% or 12c to $2.48.
Companies set to report on Friday include Port of Tauranga, Channel Infrastructure and Vista Group.
International news
Nvidia on Wednesday (US time) reported blockbuster quarterly results that blew past Wall Street expectations, posting record revenue of US$68.1 billion as insatiable demand for its artificial intelligence chips showed no sign of cooling.
The figures, up 73% from a year ago and well above the US$65.7b analysts had forecast, sent a powerful signal that the technology buildout dominated by Nvidia that underpins the global AI boom remains in full swing.
Despite increased volatility around AI on Wall Street, Nvidia shares are up by more than 50% over the past year, though just 2.2% year to date, before the latest earnings.
The Seoul, Tokyo, London, and Paris exchanges each beat its previous intraday highs, also in reaction to well-received company updates.
In New York, the tech-centred Nasdaq again led the way, rising 1.3%.
– Additional reporting AFP
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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