27 October 2014
The market had a solid week aided by a strong offshore lead. SkyCity (SKC) performed well after management reported solid growth at the Auckland property. Air NZ (AIR) had a good week’s performance with the fear of Ebola subsiding somewhat and oil prices continuing to fall. The National carrier released statistics of operating performance which looked relatively positive with year-to-date short haul yields up 1.8% and PAX for September across the group up 2.6%. With recent aircraft arrivals and schedule changes, domestic capacity was up 4% and Tasman +3%. Sky TV (SKT) was positive on Friday following the announcement that it had secured conditional rights to the SANZAR rugby for a further five years from mid-2016 and AGM commentary in-line with expectations. While it is likely SKT paid more for the rights, it remained a must win situation for management against the increasing presence of internet distributed pay TV business models.