Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Fonterra’s share price has dropped following a bleak market update on its 2018-19 financial results.
Read: Fonterra is signalling a full-year loss of up to $675 million for 2018-19.
At start of trading day on the NZ Stock Exchange this morning, the share was valued at $3.74 each. By midday the shares had lost 13c or nearly 5% value and hovering around $3.63/share.
Fonterra shares have taken a battering over the past 18 months. In January last year, each share was priced at $6.60. In the last 12 months it has lost 25% of its value.
Fonterra informed the markets this morning that it was bracing for a full-year loss of up to $675 million for 2018-19.
The co-op has also announced that no dividend will be paid for 2018-19; it has also written down $820m to $860m in asset value.
The co-op will announce its full-year results on September 12. However, it’s now clear that the co-op will deliver its second straight annual loss. Last year, the co-op declared its first ever loss of $196m.
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.