Title
Content
NZX CEO’s departing message to policymakers: care
Hamish McNicol
Thu, 23 Apr 2026
Hot Topic
ACCOUNTANTS
Thu 23 Apr 2026 10:43:05am
MARKET MOVEMENTS
Powered by:
VIEW MORE
Gainers
/
No results, Market opens at 10.00 NZST
Data will show from 10.20 NZST
Data will show from 10.20 NZST
Decliners
/
No results, Market opens at 10.00 NZST
Data will show from 10.20 NZST
Data will show from 10.20 NZST
Gainers
/
No results, Market opens at 12.00 NZST
Data will show from 12.20 NZST
Data will show from 12.20 NZST
Decliners
/
No results, Market opens at 12.00 NZST
Data will show from 12.20 NZST
Data will show from 12.20 NZST
Thu 23 Apr 2026 10:43:05am
MARKET MOVEMENTS
Top Story
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Latest News
Quick Takes
Maui to cease production this year, says OMV
Oil and gas producer OMV New Zealand has written a further $254.9 million off the value of its assets, saying it has warned the Government the Maui gas field will cease production at the end of 2026.
In financial statements filed for the year to December 2025, OMV NZ reported a net loss of $148.1m from revenue of $496.8m.
According to the report, Maui could end production earlier or later, “depending on late life field performance”. However, “based on current reserve assessments, the related assets have been fully impaired in 2025”.
As well as the Maui gas field, OMV NZ owns 69% of Maari and 74% of Pohokura oil and gas production fields.
During the year OMV reported revenue of $177.6m from the sale of gas and $293.5m from the sale of crude oil and condensate. Expenses included $39.8m paid in royalties.
Net assets at balance date were $186.2m.
ComCom declines Kegstar’s proposed acquisition of Konvoy
The Commerce Commission has declined Kegstar New Zealand’s bid to acquire Konvoy New Zealand. Kegstar and Konvoy both supply pay-per-fill services to breweries. The merger proposed to bring together the only providers of such services in New Zealand. Chair John Small said it did not meet the competition threshold. “The evidence gathered by the commission indicated that Kegstar and Konvoy compete closely for the supply of PPF services to customers, and the merger would eliminate this competition. Our investigation showed that there are no existing competitors that could constrain the merged entity, and that entry from a new competitor is unlikely.” The proposed acquisition is also under investigation by the Australian Competition & Consumer Commission.
Business spend on R&D drops as a percentage of GDP
The latest Stats NZ research and development survey shows business R&D expenditure as a percentage of GDP fell to 0.95% from 0.98% between 2024 and 2025. That compares with the OECD average of around 2%, although it is as high as 5.9% in Israel and 2.7% in the US. Business R&D spend was $4.1 billion in 2025, up just 0.4% on 2024. Over 40% of businesses said they expected their future R&D spend to stay the same, which has been the trend since 2018. The latest survey doesn’t include government R&D spend, but last year’s survey showed NZ’s overall R&D expenditure as a proportion of GDP rose to 1.54% from 1.49%, which is well below the OECD average of 2.7%. The number of businesses reporting R&D activity fell just under 1% to 2265, while the number of full-time equivalent staff working on R&D dropped 5.1% to 19,000. The Science System Advisory report said investment in R&D was core to productivity growth, and a failure to accept and act on that had led to NZ's productivity lag.
Genesis upgrades profit guidance
Genesis Energy has upgraded its profit outlook for the year to June, citing improved hydrology and lower fuel costs from reduced thermal generation. In a statement to the NZX, Genesis said normalised earnings before interest, tax, depreciation, amortisation and financial instruments would be $515 million to $545m, up from guidance in February of $490m to $520m. For the three months to March, Genesis reported retail electricity sales volume of 563GWh, down 3.6% on the same quarter last year, but the price per unit was up 14.8% to $373 per MWh. Electricity customer numbers fell 9% to 313,878. Genesis said the reduction “reflects Genesis’ targeted rebalancing of supply and demand, with a continued focus on improving margin quality across the portfolio”. Thermal generation during the quarter was down 67% on a year earlier, at 236GWh. Genesis said its gas-fired Unit 5 at Huntly was mostly offline in the quarter, “with available gas redirected to higher-value industrial customers".
close
Quick Takes
Thu 23 Apr 2026 10:35:12am
MARKET MOVEMENTS
Latest News
Most Popular
Most Commented
Editor's picks
Featured
Short videos
Investment
Michael Hill CEO: ‘I’m not a patient person’
0:00
NBR Focus
The Accountants: Full Investigation
0:00
NBR Focus
The Accountants: Some KPMG staff already using AI agents
0:00
NBR Focus
The Accountants: Turning EY into a one-stop-shop
0:00
NBR Focus
The Accountants: PwC and the end of human-only workforces
0:00
NBR Focus
The Accountants: Deloitte sees AI freeing up 25% of capacity
0:00
Politically Speaking
Conflict: RBNZ discusses impact on inflation
0:00
Politically Speaking
Responding to Trump’s rhetoric – Winston in Washington
0:00
Underarm
Sydney's new airport, Western Sydney International (WSI)
0:00
Dollars & Sense
Debate: Economic fallout from the Iran war
0:00
Politically Speaking
Cabinet reshuffle sees Chris Bishop replaced
0:00
Politically Speaking
Dealing with the fuel crisis
0:00
The NBR Podcast
Podcast: ‘Unicorn’ Halter rounds up a big raise
0:00
Politics
A $22b opportunity: businesses push for climate policy stability
0:00
Politically Speaking
Fuel: Willis, not Luxon, is leading the way
0:00
Politically Speaking
No “senseless virtue signalling” signals Peters
0:00
The NBR Podcast
Shane Jones on geothermal energy
0:00
Economics
Inflation pressures and NZ’s fragile economic recovery
0:00
Economics
RBNZ risks repeating Covid-era mistakes on Iran
0:00
Shoeshine
When a kill chain refusal becomes a supply chain risk
0:00
Analysis
Categories
