🕑 4-minute read



The Government is planning to support NZ’s airports which in 2019 were planning massive capital projects but now are in very uncomfortable positions.



The Reserve Bank has ordered NZ registered banks not to pay dividends, a sign the central bank sees problems ahead. Tens of billions of dollars are owed to NZ’s banking sector by commercial properties which are, in many cases, empty.



No one knows quite how bad things will get, because no one has ever stopped the economy in the way we are currently trying to.



Tourism Holdings said it reached an agreement with Thor Industries to exit their Togo joint venture. The rental campervan operator will instead focus on a digital strategy in NZ and Australia.



THL has been hit hard by the coronavirus pandemic, with the tourism industry drying up due to lockdowns and border closures. It said that it did not expect to breach its financial covenants this year.



THL operates the Maui, Britz and Mighty rental brands, and makes and sells recreational vehicles, saw a significant profit decline for the six months even before the coronavirus pandemic took hold, which it blamed in part on the performance of its newly formed Togo.



Kathmandu dropped 27% after it was told to raise the funds by its bankers to get a waiver on its lending covenants. The stores are closed around the world while it waits out the Covid-19 lockdowns.



The fact that cornerstone shareholder Briscoe Group isn't taking part is telling. They have their own issues to deal with, but consumer discretionary spending is in for a rough ride.



The timing of buying Rip Curl now looks pretty bad in retrospect. There's a lot of uncertainty, and consumers' pockets are going to be fairly tight globally for some time yet.



Utility software firm Gentrack led the market higher today, surging 40% as it came off a record low 76 cents earlier this month. The company today affirmed earnings guidance for the March period and lifted the trading ban for company directors and executives that's typically in place until a company formally reports.



Investors may be relieved about any announcement better than a downgrade. A lot of companies are pulling guidance in the current environment, so anyone that can maintain it will be well received.



Abano Healthcare fell after a planned private equity takeover was scrapped. The company has now closed all its Australian dental clinics due to the virus outbreak.