The stock exchange reporting season is about half way complete, with most of the companies filing reports having ''just passed muster'', according to brokers.
While the revenues of many were flat, most companies had repeated or slightly improved their dividend, the latter coming under increasing investor scrutiny.
About 25 companies have until September 25 to report. Some 26 companies have completed the requirement so far, including Auckland International Airport and Chorus today.
Returns from fixed term deposits appear likely to take more hits, as the Reserve Bank continues downward pressure towards record lows of the interest driving official cash rate, in its efforts to stimulate a wavering New Zealand economy.
Craigs Investment Partners broker Peter McIntyre said investors coming off fixed terms were looking far more closely at equities at present, which offer higher, but riskier returns.
''It's a [dividend] yield environment for them. Investors are being supportive of companies paying dividends,'' he said.
So far, energy companies had been in the forefront for many investors, such as Meridian Energy's decision to give cash back to shareholders.
''Being half way through the reporting, we can say most have just passed muster, so far,'' he said.
Most companies had generally been ''in line with guidance''. Bank Heartland New Zealand and Nuplex were at the higher end of guidance and Scales was one of the few to deliver a significant profit upgrade.
He cautioned that investors were not supporting companies that did not provide financial guidance for the year ahead.
''If there's no guidance, they are going to get [their share price] hammered from selling pressure,'' he said.
He cited PGG Wrightson as an example. Its share price plunged after it offered no guidance.
In the weeks ahead, many of the companies to watch were linked to the volatility in the New Zealand dollar and how operations were affected by the exchange rate.
Tourism Holdings and Air New Zealand could see a boost in customers, but Air New Zealand also faced potential currency issues, its fuel purchasing arrangements being crucial to its operating costs, and guidance.
He said Fisher and Paykel Healthcare, while being in the NZX top 10 and its shares having delivered a ''superior performance'', up 49% on a year ago, now needed to deliver a good report and guidance to back up the higher share price.
