The New Zealand dollar today dipped below US61 cents for the first time since mid-July as currency traders weighed up risks and rewards in a global environment of soaring inflation and recession fears.

New Zealand's main share index dipped on Wednesday, following Wall Street indices which fell sharply overnight as central bankers talked up the prospect of higher interest rates.

A day after saying GST would be applied to KiwiSaver fees the government has done a massive u-turn and reversed the plans.

Levying GST on KiwiSaver and managed funds fees could slice $186 billion from New Zealanders' saving balances by 2070.

New Zealand’s main equity index rose more than 1.2% today thanks to index heavyweight stocks having a good day paired with relief the earnings season is coming to an end.

A2 Milk’s shares jumped into the land of milk and honey and rose almost 10% after the infant formula company revealed it had lifted its annual net profit by 52%, despite “challenging” market conditions.

The biggest week of the earnings season is over, with company results pouring in from all sectors of the market, including telcos, property, energy and tourism.

New Zealand company earnings continued at pace today as Air NZ, casino operator SkyCity Entertainment and television network Sky TV were amongst those that reported mixed results.

Company results poured through New Zealand’s market today, with telco Spark helping to lift the index on the news of its strong results.

New Zealand’s market was down by more than 1% today following Wall Street having its worst day since June. The impact trickled into NZ’s market as soon as it opened this morning.

A lolly mixture of earnings results – ranging from petroleum, telecommunications and property – were released today but it was energy stocks that helped pull New Zealand’s market higher at the close.

New Zealand’s market fell in tandem with Fisher & Paykel Healthcare shares after the healthcare products manufacturer said it expects its first-half revenue to drop by 26% and net profit to more than halve as covid-related sales continue to fade.

A fourth-quarter travel boom helped Auckland International Airport beat its own profit guidance with a net loss of just $11.6 million in the year ended June – but the market didn’t like the airport's vague and uncertain outlook for the year ahead and the stock dragged New Zealand index down by the end of the day.

Halfway through the first week of earnings season, Fletcher Building was the biggest news on the market today after the building materials and construction services company lifted its annual net profit by 42% and beat its own guidance for operating profit.

Energy company Mercury said it's on track for 15 straight years of dividend growth in its full year result today as the earnings season starts to warm up and New Zealand’s market ended the day in positive territory.

New Zealand’s hotly anticipated earnings season kicked off today with electricity and gas supplier Contact Energy the first company to announce its full-year results to the expectant market.