News today that the Bank of New Zealand is hoping to raise at least $150 million from New Zealand retail and wholesale investors, for general corporate purposes. It will be interesting to see what rate they go after and how quickly they fill the offering after the success of other raisings this year.
The ING Property Trust slid to an annual after-tax loss of $63.1 million, reversing the previous year’s $72 million profit, as the slowing economy hit property values. This illustrates just how deep the property crash has gone but it also makes me wonder why this loss is only just coming through to the news now, we are after all at least 18 months past the peak.
The New Zealand dollar peaked at its highest level against the greenback in nearly a week as the United States currency weakened on growing optimism the global recession is moderating. Amazingly our memories of 2008 are being eroded and the good news spin merchants are gradually making the financial world look like a wonderful place. I guess that depends on whether your just getting into the market or if you were in before the crash.
Professional Investment Services (powered by Financial Gain) is based in Emily place in Auckland CBD, you can contact us for a free consultation by visiting our main website NZPIS
