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“Yesterday’s profit warning was particularly nasty,” Bennie said. “This is the fourth since September, and they’ve been getting bigger, not smaller, so that’s ugly.
RICKY WILSON/Stuff
The NZ sharemarket followed Wall Street lower, amid the fallout from a2 Milk’s “nasty” profit warning. “Near term and medium term earnings forecasts by the brokers and investors alike will have been coming back a long way, as has the share price clearly.” Bennie said he was not surprised to see the shares slide again on Tuesday, as investors re-evaluated the company. “It can be an unpleasant process when growth investors start selling and the stock isn’t actually cheap enough for value investors yet, you drop into a bit of no-man’s land.
The local sharemarket may not get the same bounce as those overseas when economies re-open.
Our economy hasn t had it as tough as others during the pandemic so the sharemarket won t get the same boost as others when economies around the world re-open, according to Stephen Bennie of Castle Point Funds. “We don’t have quite the same kicker from re-opening economies because ours has been re-opened for quite awhile,” said Bennie, a portfolio manager at investment firm Castle Point Funds. “Our base bottom was a lot better than a lot of other countries, so our recovery isn’t as big as what a lot of other economies will see.”
Calm before the storm. Makana Fire Services Manager William Welkom sips coffee before leaving home for another day of looking out for the safety of the municipality s residents. The born and bred Makhanda fire fighter this week celebrated 35 years of service. Photo: Sue Maclennan Landmark anniversary for local hero
This week, as Makana’s Fire Chief marks 35 years of service, GMDirect asks about his lifelong dedication to keeping his town safe.
“People remember the two houses that were burnt – but not the 40 houses and an entire school that were saved.”
There have been many serious fires in and around Makhanda but the 2015 fire was the worst the Makana Fire Services Manager has ever had to deal with. It was a nightmare.