New Zealand Shares Jump as Consumer Inflation Cools; Synlait Milk Withdraws Profit Guidance

MT Newswires Live07-17

New Zealand shares jumped following the release of the country's consumer price index which showed the continuing cooling of annualized inflation.

The S&P/NZX 50 Index jumped 0.88% or 107.54 points to close at 12,292.03.

Stats NZ reported that New Zealand's consumer price index softened to 3.3% in the 12 months to the June quarter, compared with a 4% rise in the 12 months to the March quarter.

The index climbed to 0.4% in the June quarter compared with a 0.6% increase in the March quarter.

The CPI read was lower than economists' expectations of 3.4% and the Reserve Bank of New Zealand's projections of 3.6% and is now hovering just above the target 1% to 3% inflation band of the central bank, interest.co.nz reported.

In an earlier comment, Sharon Zollner, ANZ's Chief Economist, was not expecting a "hallelujah moment" following the CPI's release, the report said.

"But it [will] mark real progress and, importantly, the end of a run of upwards surprises versus RBNZ's expectations," Zollner added, as quoted by the report.

In corporate news, dairy firm Synlait Milk (NZE:SML, ASX:SM1) withdrew its profit guidance for the current fiscal year due to unexpected year-end time differences between July and August for manufacturing and shipping and additional costs from the company's strategic review. Its shares fell 6% on market close.

Power generation firm Mercury NZ (NZE:MCY, ASX:MCY) posted a quarterly operational update for the three months ended June 30, showing slightly above average hydro generation of 4,096-gigawatt hours (GWh) but was 21% lower than last year's output.

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