1 00:00:00,080 --> 00:00:02,360 Speaker 1: And Shane solely harbor asset management is with us as 2 00:00:02,400 --> 00:00:04,760 Speaker 1: Shane ill likely that all right? So what did you 3 00:00:04,760 --> 00:00:06,400 Speaker 1: make of the economic data out today? 4 00:00:07,240 --> 00:00:10,280 Speaker 2: Yeah, unfortunately is the more self data we saw. The 5 00:00:10,360 --> 00:00:13,120 Speaker 2: New Zealand Performance Service indextens, a lead indicator for service 6 00:00:13,119 --> 00:00:15,560 Speaker 2: sector in New Zeon. It was up to forty eight 7 00:00:15,600 --> 00:00:18,639 Speaker 2: point three in September from forty seven point five in July, 8 00:00:18,760 --> 00:00:20,959 Speaker 2: which is good, but it's still below fifty but that 9 00:00:21,040 --> 00:00:24,560 Speaker 2: so that means the services sector still contracting, our economy 10 00:00:24,640 --> 00:00:28,920 Speaker 2: still struggling. The Grant gain traction net migration for August 11 00:00:29,120 --> 00:00:32,440 Speaker 2: was a whole four hundred and sixty people, well below 12 00:00:32,479 --> 00:00:34,200 Speaker 2: the rate of two thousand seen in June and July. 13 00:00:34,960 --> 00:00:36,680 Speaker 2: Other side, we're seeing a little bit of improvement and 14 00:00:36,760 --> 00:00:39,479 Speaker 2: tourism short term visitors up serre and a half percent 15 00:00:39,920 --> 00:00:42,600 Speaker 2: and August net was up. July was also positive, So 16 00:00:43,600 --> 00:00:45,960 Speaker 2: we are still lagging though they visiting numbers, we're still 17 00:00:45,960 --> 00:00:49,040 Speaker 2: at ninety one point seven percent of pre COVID, so 18 00:00:49,200 --> 00:00:50,880 Speaker 2: many in that international tourism still a bit of a 19 00:00:50,960 --> 00:00:53,320 Speaker 2: drag on the economy. Good news is all of airline 20 00:00:53,360 --> 00:00:56,200 Speaker 2: representas in New Zeon. They're saying international services coming in 21 00:00:56,200 --> 00:00:58,120 Speaker 2: the next six months, they're going to see us starting 22 00:00:58,160 --> 00:01:01,160 Speaker 2: to grow again, so touris could be starting to boost 23 00:01:01,200 --> 00:01:03,720 Speaker 2: the economy. And if we're here, if we look forward twelve. 24 00:01:03,520 --> 00:01:05,600 Speaker 1: Months, Wow, what do the market make By the way 25 00:01:05,600 --> 00:01:08,360 Speaker 1: of today's Fletcher Building a quarterly update. 26 00:01:08,680 --> 00:01:12,160 Speaker 2: Yeah, unfortunately, a bit of below expectations. The first quarter 27 00:01:12,280 --> 00:01:17,880 Speaker 2: for Fletcher Building. The light building products were weaker than expected. Sorry, 28 00:01:17,959 --> 00:01:22,759 Speaker 2: they're slightly better than the fourth quarter of twenty twenty five, 29 00:01:22,800 --> 00:01:26,280 Speaker 2: but below expectations. Heavy building that was the real hip. 30 00:01:26,319 --> 00:01:29,319 Speaker 2: That was where the materials really dropped away. Some margin 31 00:01:29,360 --> 00:01:31,080 Speaker 2: had two in terms of some things like some of 32 00:01:31,080 --> 00:01:33,360 Speaker 2: the retail parts their business things a bit of pressure. 33 00:01:33,720 --> 00:01:37,039 Speaker 2: Fletcher Building are pretty cautious outlook statement from management talking 34 00:01:37,040 --> 00:01:40,080 Speaker 2: about market conditions remaining challenging for the rest of twenty 35 00:01:40,120 --> 00:01:43,279 Speaker 2: twenty six given this uncertainty of time when they recovery 36 00:01:43,319 --> 00:01:46,960 Speaker 2: and residential sector. They have gone another notch in terms 37 00:01:47,000 --> 00:01:49,680 Speaker 2: of cost saving. They're now targeting another one hundred million 38 00:01:49,680 --> 00:01:53,080 Speaker 2: of cost savings with fifty mils in the first half. Unfortunately, 39 00:01:53,120 --> 00:01:55,160 Speaker 2: the Fletcher Building ship ice down two percent on the 40 00:01:55,240 --> 00:01:56,720 Speaker 2: data three dollars twenty two. 41 00:01:57,160 --> 00:02:00,160 Speaker 1: And precing property I announced that new equity cap all 42 00:02:00,240 --> 00:02:02,120 Speaker 1: raised today. What is the take on that. 43 00:02:02,960 --> 00:02:05,960 Speaker 2: Yeah, look, it's actually been taken pretty well by the market. 44 00:02:06,000 --> 00:02:08,880 Speaker 2: They're raising three hundred and ten million dollars to really 45 00:02:08,919 --> 00:02:12,360 Speaker 2: help kickstart their three point seven b and development portfolio. 46 00:02:13,240 --> 00:02:15,040 Speaker 2: Some of the three hundred mil will be used to 47 00:02:15,080 --> 00:02:18,000 Speaker 2: fund a six hundred and thirty eight bid purpose built 48 00:02:18,040 --> 00:02:21,799 Speaker 2: student accommodation building in Orban's Queen Street. About two and 49 00:02:21,919 --> 00:02:25,040 Speaker 2: eighty five mil. Heather was raised by institutional investors at 50 00:02:25,080 --> 00:02:28,320 Speaker 2: a dollar twenty three. It's been pretty well supported retail 51 00:02:28,320 --> 00:02:31,520 Speaker 2: the listeners. They've got the opportunity to buy into the 52 00:02:31,520 --> 00:02:33,840 Speaker 2: share purchase plan at the same price if they own 53 00:02:33,880 --> 00:02:37,520 Speaker 2: shares before the announcement today. So yeah, big big day 54 00:02:37,520 --> 00:02:39,440 Speaker 2: for the New Zealand shy market. I'm rtually the market 55 00:02:39,440 --> 00:02:41,799 Speaker 2: down zero point eighty five percent on a combo of 56 00:02:41,840 --> 00:02:42,400 Speaker 2: all the above. 57 00:02:43,160 --> 00:02:44,560 Speaker 1: Shane, it's good to talk to you mate, Thanks very 58 00:02:44,639 --> 00:02:47,240 Speaker 1: much for running us through the Shane Sally Harbor Asset Management. 59 00:02:47,760 --> 00:02:50,959 Speaker 1: For more from hither Duplessy Allen Drive. Listen live to 60 00:02:51,040 --> 00:02:54,080 Speaker 1: news talks they'd be from four pm weekdays, or follow 61 00:02:54,120 --> 00:02:55,880 Speaker 1: the podcast on iHeartRadio.