Today’s business news: What you need to know

Latest – The New Zealand Stock Exchange is selling its investment research business FundSource.

It’s being bought by one of Australia’s leading investment research firms Zenith Partners.

The price of the sale is confidential but NZX says it’s not material.

Retail spending up fractionally

Christmas shopping in Wellington.

Photo: RNZ / Rebekah Parsons-King

Department stores pulled in the shoppers, but other retailers put fewer sales through the till during the first three months of the year.

Retail spending volumes in the March quarter rose 0.7 percent, a modest increase, but smaller than the one seen at the end of last year.

Department stores and hardware, building and garden supply stores saw the biggest rises in spending.

Pharmaceutical and other stores, which includes duty free shopping, as well as accommodation, saw the largest falls.

Serko posts lower profit

The corporate travel software company has posted a marginally lower profit for accounting reasons, but it’s eyeing a lift in earnings next year.

It’s full-year net profit was down marginally to $1.6 million, largely because of costs associated with a US acquisition last year.

Total revenue is up, as are underlying earnings, although expenses jumped 32 percent, which Serko puts down to its investment in the business.

The company expects to grow its total revenue by between 20 and 40 percent by next year.

Dairy prices drop for first time in six months

The average price was down 1.2 percent to $US3400 a tonne.

Dairy prices had been sitting at two year highs after posting consistent rises since late November.

The price for whole milk powder, which has a key influence of farmer payouts, fell by 2.1 percent to $US3180 a tonne.

Prices for other products were mixed with butter weaker but a strong rise for cheddar,

Volumes sold were marginally higher.

Published at Wed, 22 May 2019 04:00:10 +0000
Source: Today’s business news: What you need to know