♦ Issue 2010/04

10 May 2010♦ Free Fortnightly Issue

Personal Finance & Investment

Newsletter

News and Updates for the Savvy Kiwi Indian

IIssssuuee CCoonntteennttss IInnvveessttm

meennttss
Stocks fell in volatile trade around the world over 9% for the week. The 19-commodity
Financial Briefs: last week on persistent fears the debt crisis in Reuters-Jefferies CRB index settled with a
NZ 2 Greece could spread through the euro zone and weekly decline of nearly 6 percent as its main
India 3 possibly morph into a global problem. component, U.S. crude oil, neared a three-month
The Dow Jones industrial average and Standard low in prices. U.S. Treasury debt prices moved
FX/Commodities Snapshot & Poor's 500 index posted their biggest weekly higher as the shift to safe haven securities
4 percentage declines since March 2009. The persisted through the week. Yields on the 10-
Nasdaq Composite Index had the largest weekly year Treasury notes dropped to 3.43 percent
percentage fall since November 2008. The MSCI from 3.81% two weeks ago. Aust 10-year yield
Financial Jokes/Quotes 4 Asia Pacific Index sank to the lowest level since also dropped to 5.48% from 5.81% a fortnight
February 26 tumbling 5.9%, while the NZX lost ago. The U.S. dollar index rose 3% for the week
Article: 3.9% for the week. Companies in the index trade to levels last seen a year ago. Currency
Contracts for Difference at an average 14.9 times estimated earnings, the speculators had also increased bets in favour of
(CFDs) 5 lowest level since Jan. 28, 2009, according to the U.S. Dollar to the highest level since the
data compiled by Bloomberg. BRIC markets fell launch of the Euro in 1999.
NZ-India Trade 6
M
Moorrttggaaggeess
●●●●●● The Reserve Bank held the official cash rate
(OCR) at a record low 2.5%, for the eighth
consecutive time on April 29 but the markets
NZ’s AVERAGE are now pricing in a very high chance of a rate
ANNUAL WAGES rise (0.25%) on June 10. Since the last mortgage
rate change (downward) by TSB Bank on April
29. ANZ and National Bank on May 7 have
HIGHEST PAID: increased their short to mid-term fixed interest
1. Auckland City $73,121 rates, up to at least 10 basis points above the
2. Wellington City $70,435 medians for NZ main banks. Westpac also
3. Regional Southland moved rates on May 7 with a 20 basis point Lowest Floating: BNZ’s Total Money at 5.59%
$68,112 increase to its six-month, one and two-year Lowest 1-year: HSBC Premier at 5.49%
rates. Lowest 3-year: HSBC Premier at 7.29%
source: mortgagerates.co.nz
LOWEST PAID:
1. Napier $41,954 IInnssuurraannccee
2. Masterton $42,713
3. Hastings $43,147
Sovereign trying to protect customers from AMP says conventional life policies being
tax increases phased out
Source: NZ Herald
Sovereign is trying to ensure that its customers According to AMP which is seeking approval
●●● are shielded from the immediate impact of life from the Commerce Commission to acquire
tax changes that take effect on July 1. The AXA's Australian and New Zealand businesses,
changes affect the way in which life insurers there has been a trend away from ‘conventional'
determine the tax they pay in respect of life life insurance type products, known as
PPuubblliisshheerr::AA..SS..KK.. PPuubblliisshhiinngg insurance business. "endowment" or "whole of life policies", which
EEddiittoorr:: SSuunniill KKhheem mllaannii Sovereign has confirmed that it will be forced to combine protection and investment in a single
PPrriinntteerr:: OOffffiicceeNNoow w increase its life insurance premiums when the policy, towards protection only type policies.
new tax law comes into effect on July 1.
FFoorr ccoom mm meennttss,, aaddvveerrttiissiinngg,, oorr However, under certain circumstances the new In its application to the NZ regulator, AMP also
m tax law will allow Sovereign to defer tax change mentions that customers are tending to look for
maaiill oorrddeerr,, pplleeaassee ccoonnttaacctt::
related premium increases on policies existing insurance policies that provide high protection
((0099))33008800778877 oorr eemmaaiill:: prior to July 1 for up to five years. for specific events (such as death or illness) at a
aasskkppuubblliisshh@@w woooosshh..ccoo..nnzz relatively low premium but which have no
investment component.
© Copyright 2010 A.S.K.
Publishing. All rights reserved.
 Personal Finance & Investment
Newsletter

NZ TRADE BALANCE SURGING FURTHER INTO SURPLUS OPTIMISM AND HOUSE PRICES ON THE
WANE - ASB
New Zealand's trade balance improved further in March, rising from
an upwardly revised surplus of NZ$335 million to a surplus of According to ASB's latest Housing Confidence
NZ$567 million. The most notable element in the trade report Survey, there is declining optimism on whether now is
released April 29, was the strength in exports over Q1 2010, posting a good time to buy, and whether house prices and interest rates will
the first quarterly rise since Q4 2008, jumping 10.4%oya, led by increase over the next 12 months. Respondents expecting house
stronger sales of dairy products. Given the booming growth prices to move higher over the next 12 months dropped to 35%
conditions in Asia, in particular in China, now New Zealand's second from 51% the previous quarter. A net 59% of those surveyed expect
largest trading partner, Kiwi exports are expected to be well interest rates to rise over the next 12 months, on par with 60%
supported in 2010. According to analysts, the spike in monthly from the previous quarter. ASB is predicting a 3% to 4% drop in
imports is also a pleasing development, hopefully indicating that house prices this year, due to a lack of buyer appetite.
further improvement will stem from greater external demand,
rather than plummeting capital and consumer spending. RBNZ GOV. SAYS RATE RISES MIDDLE YEAR, SMALL STEPS

NZ UNEMPLOYMENT RATE DROPS TO 6.0% - STATS NZ Alan Bollard said the economy was recovering in a manner and pace
- first decline since q4 2007 that meant it no longer needed record low interest rates, and the
U n e m pl o y m e n t R a te (by qu a r te r ) RBNZ’s thinking was broadly in line with financial markets.
"Financial markets currently expect the Reserve Bank to begin
raising the official cash rate around the middle of the year and
8.00 7.10
6.50
continue to do this in small steps for some time," Bollard said in
7.00
6.00 6.00 speech notes to a local government gathering on May 6. "This is
6.00
5.00
broadly in line with our current views as outlined at last week's
OCR (official cash rate) review." A the time of this writing, financial
Percentage (%)

5.00
markets’ pricing for a June rate rise (0.25%) rose to 96 percent,
4.00
according to a CreditSuisse indicator. Over the next 12 months
3.00 expectations are for the RBNZ to tighten over 2%.
2.00
GOVERNMENT ANNOUNCES 'SUPER-REGULATOR' FOR
1.00
FINANCIAL MARKETS
0.00
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010
The Financial Markets Authority (FMA) will consolidate functions
Source: Stats, NZ currently fragmented across the Securities Commission, the
Stats NZ said New Zealand's unemployment rate compared with the Ministry of Economic Development, including the Government
OECD average of 8.6 percent, and was ranked 10th of 27 OECD Actuary, and NZX. According to the commerce minister, this move is
countries with standardised unemployment rates. at the centre of the Government's drive to restore the confidence of
mum and dad investors in our financial markets. FMA will enforce
CONSOLIDATION EXPECTED WITHIN KIWISAVER INDUSTRY securities, financial reporting, and company law as they apply to
financial services and securities markets. It will also regulate and
Asteron Life has announced it will withdraw from KiwiSaver to oversee, trustees, auditors, financial advisers and financial service
focus on its core business and it expects more KiwiSaver exits will providers including people who offer investments. It is the
follow. Asteron has about $33 million of funds under management Government's intention to fast-track legislation setting up the FMA,
across 6200. KiwiSaver customers. According to its managing which is to be introduced this year.
director, the decision to leave has been driven by the fact that the
KiwiSaver market is experiencing and requires further New Zealand NZX 50 Index
consolidation. Three years after KiwiSaver was introduced there are Week High: 3298
now more than 50 KiwiSaver schemes but, he noted, seven of these Week Low: 3152
providers cover 95% of the KiwiSaver market. The reality is that Week Close: 3158
the opportunity for economic scale simply doesn’t exist for all Daily Q.NZ50 22/01/2010 - 10/05/2010 (WEL)
suppliers, which has become increasingly clear as the market has Price Line, Q.NZ50, 7/05/2010, 3,158.846
matured and stabilized. NZD

KIWISAVER FUNDS FLOW - FUNDSOURCE 3,250

In absolute dollar terms the Default funds continue to attract the 3,200
largest net inflows. The Net Funds Flow for the March 2010 quarter,
for all KiwiSaver funds is $525.14 million. Flows into the 3,150
Conservative sector were 43.1% of this. This compares to 47.81%
from March 2009 to March 2010 and 54.91% from March 2008 to 3,100
March 2009, indicating increasing flows into higher risk sectors.
Balanced and Growth received 26.71% and 22.35% of the quarterly 25 01 08 15 22 01 08 15 22 29 06 12 19 26 03 10
KiwiSaver funds flow respectively. The March 2010 quarter funds Jan 10 February 2010 March 2010 April 2010
flow figures demonstrate that investors with greater ability to take
risk and greater risk appetite are increasingly look at growth source: Reuters
oriented KiwiSaver options.
2
 Personal Finance & Investment
Newsletter

INDIA TO DOUBLE EXPORTS BY 2014 INDIAN ADRs TRADING AT A DISCOUNT

According to India’s commerce and industry minister, the Indian In the past, Indian ADRs listed in the US have traded
government is committed to doubling both India's exports by 2014 at least at a 5-10% premium to the local shares, because
and its share in the world trade by 2020. According to the minister, supply of these receipts has been limited and most
India has emerged well out of the financial meltdown of last year foreign investors have been more comfortable investing
and aims to maintain its encouraging growth rate and momentum. in US markets. [ADRs are instruments that allow investors in the US
In its foreign trade policy, which was released last year on Aug 28, to purchase shares of non-US companies.] Also, buying ADRs
India had taken many important decisions pertaining to various eliminates currency risk of investing in overseas markets. However,
schemes and incentives, according to the minister. There is also an foreign investors are increasingly seen to be more comfortable
emphasis in bringing in innovative ideas and making India's about trading directly in India compared to early 2000s, which is
workforce more employable going forward. changing equations between ADRs and local shares. Currently, out
of the 13 Indian ADRs listed in the US, only Infosys, ICICI Bank, Dr
INDIA MAY HAVE MOST MULTI-NATIONAL CORPORATIONS BY Reddy’s Laboratories and Patni Computer shares are trading at a
2024 - PWC premium to the depository receipts listed in the US. Bellwethers
such as ICICI Bank and Infosys are trading at a 2-4% premiums to
India may overtake China as the largest source of new MNCs from the ADRs. Some brokers say the premium in local shares to ADRs is
the emerging markets, with over 2,200 domestic firms forecast to an indication that foreign investors are less interested in Indian
open overseas operations over the next 15 years, according to a stocks of late (due to perceived high valuations) and that recent
PricewaterhouseCoopers report. Driven by the rapid pace of upsides have been driven by local money.
globalisation and revolution in information and communications
technologies, the number of companies from the emerging markets FOREIGN INSTUTIONAL INVESTORS' PICKS OUTPERFORM
choosing to set up operations abroad has increased in the past five BROAD MARKETS; AVERAGE ONE-YEAR RETURNS TOUCH 129%
years. PwC report says more and more new MNS are moving (BSE 500 UP 73 % FOR THE SAME PERIOD)
straight into the developed economies as opposed to setting up their
first foreign operation in a neighbouring emerging market. The key
driver in India’s case, is the relative increase in both investment
intensity as well as openness that the domestic economy offers.
According to the report, some of these new MNCs would become
international powerhouses and would require services all over the
world; for example, to support their IT and telecom networks. source:
Business
WARREN BUFFETT HINTS AT INDIA INVESTMENT Daily (The
Hindu)
Speaking at Berkshire's annual meeting in response to a shareholder
question, Buffett said he had decided to make the trip to India in
March 2011, saying the company's Iscar Metalworking Cos unit "is While following the FII lead on buying stocks did work, taking the
doing very well there." Buffett said "we do not rule out India" as a cue from them to dump holdings didn't always pay off. If investors
possible locale for future Berkshire investments, whether in had reduced holdings based on FIIs exiting the stocks, they may
companies or marketable securities, though bureaucratic obstacles have missed out on hefty gains in some cases. Over 40 per cent of
could complicate any plans to invest, including limitations on the stocks in which FIIs pruned their stakes (by 5 percentage points
foreign ownership. He added that "we've looked a lot at being in the or more) actually did better than the market.
insurance business in India." Insurance and reinsurance are
Berkshire's main business lines. Bombay Sensex Index
Week High: 17536
INDIA SIGNS DEAL WITH JAPANESE COS TO UPGRADE CITIES Week Low: 16684
Week Close: 16769
India signed an agreement with a group of Japanese companies
including Toshiba Corp., Tokyo Gas Co., and Mitsubishi Heavy Daily Q.BSESN 18/01/2010 - 10/05/2010 (BOM)
Industries to upgrade and develop cities modeled on Japan's Price Line, Q.BSESN, 7/05/2010, 16,769.11
Yokohama and Kitakyushu towns. The Japanese companies will INR
study the possibility of using technologies to reduce pollution, 17,600
recycle industrial wastes and optimize energy supplies in the Indian
17,200
cities. "As India urbanizes rapidly, we need to treat our land and
natural resources as scarce commodities," Indian Minister for
16,800
Commerce and Industry Anand Sharma said. "Our aim is to create a
strong economic base with a globally competitive environment and 16,400
state-of-the art infrastructure." The Japanese companies will help
develop cities in Haryana, Maharashtra and Gujarat states in the 16,000
first phase, along an industrial corridor connecting the capital, New
Delhi, and the financial hub of Mumbai, according to a government 18 25 01 08 15 22 02 08 15 22 29 05 12 19 26 03 10
statement. The average cost for developing one city is likely to be Jan 10 February 2010 March 2010 April 2010
about 450 billion rupees (US$10.1 billion).
Source: Reuters

3
 Personal Finance & Investment
Newsletter

The New Zealand dollar closed the

volatile week almost 2% lower
(against USD) as fears over contagion
in the euro zone had sent investors
fleeing from risk trades/currencies.
UK’s uncertain election results added
to the risk aversion.
Daily QNZD= 28/01/2010 - 12/05/2010 (GMT) Daily QNZDINR=R 28/01/2010 - 12/05/2010 (GMT) The Indian rupee dropped last week
Pric e Line, QNZD=, 7/05/2010, 0.7142 Pric e Line, QNZDINR=R, 7/05/2010, 32.532 to over two month lows (down 3%
N Z $ / In d i a n R u p e e for the week) weighed by sharp falls
USD INR
Week High: 32.94 in global stocks (Indian shares down
0.72 Week Low: 31.73
32.4 for the second consecutive week).
Last Trade: 32.53 Foreign fund flows are major movers
0.71 32.1 of the local stock market and also
have a substantial impact on the
0.7 31.8 rupee's fortunes. So far in 2010,
NZ$ / US $
foreign fund investments of a net $6.2
Week High: 0.7323 31.5
0.69 billion have helped the rupee gain 2.1
Week Low: 0.7007
percent. Last year record inflows of
Last Trade: 0.7142 31.2
$17.5 billion had lifted the rupee up
01 08 15 22 01 08 15 22 29 05 12 19 26 03 10 01 08 15 22 01 08 15 22 29 05 12 19 26 03 10
12.2 percent from its record low of
February 2010 March 2010 April 2010 May 2010 February 2010 March 2010 April 2010 May 2010
52.2 hit in early March 2009 while
the unit gained 4.7 percent on the
Source: Reuters year.

Weekly YTD
30/04/2010 7/05/2010 Change Change
Gold prices rallied through the (%) (%)
week, to near an all-time high, Crude Oil fell over 12% last
topping US$1,200 an ounce as week, its biggest weekly drop Crude Oil (US$) 86.15 75.41 -12.47% -5.30%
financial turmoil in Europe and since Dec 2008, on the back of
tumultuous US equity trade the financial turmoil in Europe Gold (US$) 1178.25 1207.80 2.51% 10.22%
accelerated the flight to safety. and larger than expected
Strong investment interest inventories. The US Department
also boosted holdings of the of Energy reported a 2.8 million Source: Reuters
biggest gold-backed exchange- barrel rise in crude-oil
traded fund to an all-time peak. inventories, above the 700,000-
barrel rise predicted by the
average of analyst forecasts.

Financial Quotes Financial Jokes

I.R.D. phone calls

Obstacles are those frightful things you see when you
take your eyes off your goal. Caller: I got a letter from you guys and I want to know
what you want.
Even a mistake may turn out to be the one thing IRD: What does it say?
necessary to a worthwhile achievement. Caller: Just a minute, I'll open it.
-----------------------------------------------------------------
Caller: I want to know if I should file married or single.
IRD: Are you married?
Henry Ford Caller: Well, sort of...
-founder of Ford Motor Company & father of IRD: What?
modern assembly lines used in mass production. Caller: Well, we did get married, but we're not counting
on it.

4
 Personal Finance & Investment
Newsletter

Calling all investors…if you’ve not looked at or considered trading CFDs, you may be missing out!

What is a CFD? - It can be traded Long or

Short – enabling the
Put simply, a CFD or Contract for Difference is an innovative trading trader to profit from
product that allows you to trade the price movements, without both a rising or
owning the underlying instrument, in most cases Shares. declining market.
The Contract refers to the agreement between a CFD provider and - It entitles investors to dividend payments (for share CFDs)
its client, the trader. The Difference between the opening and - There is no expiry, so investors can choose to hold a CFD
closing prices of a share trade represents what the trader would be for as long as they prefer or until they are profitable.
required to settle, resulting in a profit (or a loss) to the trader. Note: - Commission/brokerage cost is very low.
CFDs are 'geared' products where a low initial capital outlay (10% - It offers an economical way to diversify a portfolio or
for example) enables an investor to trade the full underlying value hedge existing holdings.
of a share, thereby returning higher profits (or losses).
Components of a CFD trade
Ever-Increasing Popularity of CFDs
Like dealing with share brokers to trade physical shares, traders
CFD Trading is a relatively new financial innovation. First conceived incur expenses when they trade CFDs. They may include
in the late 1980s/early 1990s in the UK, it was primarily used by commission (broker fees), initial margins and financing charges.
hedge fund clients as a means to short sell the market (forecasting a When you trade CFDs on margin (a leveraged product), you are
drop) while using high leverage to place larger bets. While CFD technically borrowing money from your CFD provider, and
trading provided UK investors attractive returns on their shares, it therefore charged what is called a ‘financing charge’ for the total
did so by negating two major downsides. First, CFD was not subject amount of your CFD holding. Most CFD providers use the current
to UK stamp duty. And second, CFD investors were not subject to cash rate plus/minus 2-3% as a financing charge. On the flip side, if
disclosure rules where they had an obligation to formally disclose you were to SHORT a CFD, you stand to earn the financing charge.
their (large) share holdings in UK companies.
To illustrate the difference between a CFD / Share Trade:
Now this was the primary market for CFDs for the better part of that (example: trading shares/cfds of Westpac Bank)
decade, until the technology boom of the late 1990s began. The
technology boom provided a large population of new, volatile stocks Share Trade CFD Trade
that were perfect for CFDs. The rate at which their prices changed
BUY 1000 Westpac shares BUY 1000 Westpac CFDs
made long term investment almost unnecessary, and allowed @ 22.00 @ 22.00
market traders to speculate on the direction of share prices using
Cost: $22,000 Cost: $2,200 (10% margin)
CFDs.
CFD Trading has seen tremendous growth in the last decade and a Broker Fee: $220 (1% example) Broker Fee: $66 (0.3%)
half. The growth and popularity has essentially stemmed from more
Total Capital Outlay: $22,220.00 Total Capital Outlay: $2,266.00
countries around the world accommodating these financial
instruments and making them available and tradeable in their After 1 month : After 1 month :
SELL 1000 Westpac shares SELL 1000 Westpac CFDs
jurisdictions. @ 24.00 @ 24.00

Broker Fee: $240 Broker Fee: $72.00

Some estimates put CFD-backed trades accounting for about 25-
30% of the trading volumes on the London Stock Exchange and 10- Profit: $2000-$220-$240 Profit: $2000-$66-$72
$1,540.00 $1,862.00
15% on the Australian stock exchange (since its introduction there
in 2002). Position held for 30days Position held for 30days
Financing Charge: $0 Financing Charge: $120.00
Presently, if you open an account with any of the major CFD
providers (like StoneBride Securities) you get trading access to Net Profit $1,540 - $0 Net Profit $1,862 - $120
international stock markets spanning the globe. Examples: $1,540.00 $1,742.00

Australia, New Zealand, UK, Germany, Holland, Belgium, France,
Norway, Austria, Switzerland, Finland, Italy, Spain, Portugal, Hong
Kong, Japan, US, Canada, etc.
Also the proliferation of CFDs as a trading product has led to other
asset classes (besides shares and share indices) being incorporated
under its fold. Commodity CFDs as an example provides trading
opportunities on price movements of Gold, Silver, Crude Oil, Coffee,
Sugar and many others at a fraction of the traditional cost!
Some attractive features of CFDs:
- It is easy to understand and trade.
- It is tradeable on margin – requiring only 10% of
underlying value, for example.
Return on Capital: 6.86% Return on Capital: 74.51%
Trade wisely
As with any form of investment, CFD trading has its own inherent
risks. Being a leveraged/geared product, it does magnify the
investor’s exposure to the market. What’s important though is how
identifiable risks are managed, either through conscientious
personal investing or though advise received from professionals.
When used wisely though, trading on margin can boost profitability
and aid capital building.

5
 Personal Finance & Investment
Newsletter

While costs (brokerage fees) may be a discerning factor in
choosing CFD providers (their counterparties), it is important
that investors deal with companies that not only have the
expertise in these products and services, but a good track record
in the industry.
Also, investors need to choose CFD providers based on their
personal requirements. Some CFD providers are “execute only”
while others have the added feature of offering advice. Some also
operate as part of a larger institution and offer a wider product
range such as FX, commodities, futures and options and shares,
thereby acting as a “one-stop-shop” for a client’s investing needs.

Sunil Khemlani,
Client Advisor
Toll Free: 0508 874 015

“This publication has been prepared on behalf of and issued by StoneBridge Securities (NZ) Limited (“StoneBridge”). This is not an offer to deal in any financial product and is not
specific advice for any particular investor. StoneBridge believes that any information or advice (including any recommendation) contained in this publication is accurate when
issued but does not warrant its accuracy or reliability, and is not liable for the future performance of transactions or for any loss or damage arising in connection with this
publication. A full Disclosure Statement in accordance with the Securities Markets Act 1988 is available free of charge on request. ”

WIPRO, TECH MAHINDRA EYEING $1 BLN CONTRACT

Indian software firms Wipro and Tech Mahindra are in talks with
New Zealand's Telecom Corp for an outsourcing contract
potentially worth up to $1 billion, the Economic Times newspaper
reported.
The Indian firms are competing with IBM and Hewlett-Packard to
bag the infrastructure management contract, which is due to expire
later this year.
“We are in early stages of reviewing our partnership arrangements
and as such have asked several vendors to present us with options
to review," Telecom's spokesman told the paper.
Officials at Wipro and Tech Mahindra could not be immediately
reached for comment. Global deals worth between $10 billion to
$12 billion annually, due to expire in 2010, are to be renegotiated,
according to outsourcing advisory firm TPI, the paper said. The
telco plans to cut costs and improve profits by outsourcing non-core
IT work, people familiar with the company’s decision making told
ET last week. Telecom Corp had signed a $1.5-billion IT
infrastructure management contract in 1999 with EDS (now owned
by HP), which is due to expire this year.
KEY COMMODITY EXPORTS TO INDIA
(12 months ended 2009 & 2010)
N Z E xp o rt s t o In d ia
INDIA – NEW ZEALAND FREE TRADE AGREEMENT
FIRST ROUND OF NEGOTIATIONS CONCLUDED
The first round of New Zealand’s FTA/CECA negotiations with India
was held on 7 and 8 April 2010 in Wellington, New Zealand. The
two-day round was exploratory in nature but did raise all subjects
that each country is interested in negotiating on. Both sides had an
opportunity to outline their normal approach to negotiations in
each chapter area and to put forth their views about the substance
of the agreement.
The next round will be held in New Delhi. No dates have been fixed
for that round yet but it is hoped it will take place in late July or
August.
As negotiations progress, it is important for officials to have up to
date information about the barriers to market entry that New
Zealand firms are experiencing in India, so that they can seek to
address these through the negotiations. The Ministry of Foreign
Affairs & Trade welcome input from stakeholders at any stage.
The Joint Study Group report that preceded negotiations and other
background information is accessible on the ministry’s website.

300 For further information or to make any comment, please contact

Joanne Dow, India FTA Coordinator, joanne.dow@mfat.govt.nz or
250
04 439 8084.
200
NZ$ mil

150 2009
2010
100

50

0
Primary Forestry Dairy Horticulture Wool & Source: ANZ
Sector Prod ucts Skins

6

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information purposes only and does not constitute a
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 Trade
International Shares & CFDs
…through one account in New Zealand

A trading account with StoneBridge Securities (NZ) Ltd also

gives you access to:

Margin Foreign Exchange

Gold, Silver & other
Commodities

Exchange-traded Funds
Futures & Options

Company Profile:
StoneBridge Group is an Australian-owned securities firm (accredited with ASX and NZX
exchanges) providing advisory and execution services on a range of trading products.
The Group was established in Sydney in 1994 and currently employs over 200 people in 10
offices. In New Zealand, StoneBridge Securities (NZ) Limited caters to corporates and retail
clients though an award-winning online trading facility and a 24-hr trading desk.

Toll Free: 0508 874 015 | Fax +64 9 308 0789 |

Mobile +64 21 678 645
Level 8, 36 Kitchener Street, Auckland 1010, New Zealand www.stonebridgegroup.co.nz

A full Disclosure Statement in accordance with the Securities Markets Act 1988 is available free of charge on request.