New Zealand Shares Fall; Skellerup Holdings Boosts Fiscal Year 2026 Net Profit After Tax Guidance
New Zealand shares ended lower on Tuesday as most Asian markets saw losses after fresh hostilities between the US and Iran dimmed hopes of a peace deal. The S&P/NZX 50 Index fell 0.52% or 71.98 points to close at 13,651.22. On Monday, the Nasdaq fell 1.6%, the S&P 500 lost 0.8%, and the Dow Jones dropped 0.3% US President Donald Trump reinstated a blockade of Iranian shipping and proposed a 20% fee for vessels using the Strait of Hormuz on Monday, as US forces launched strikes on Iran for the third night running, according to a Tuesday Reuters report. In domestic news, New Zealand recorded a recovery in business confidence in the June quarter, with a net 12% of firms forecasting better general economic conditions over the coming months on a seasonally adjusted basis, the New Zealand Institute of Economic Research (NZIER) said. Also, while near-term inflation pressures in New Zealand appear to have eased, renewed tensions in the Middle East over the last week present upside risks to the central bank's 3.3% inflation forecast for the September quarter, Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway said. In corporate news, Skellerup Holdings (NZE:SKL).
New Zealand shares ended lower on Tuesday as most Asian markets saw losses after fresh hostilities between the US and Iran dimmed hopes of a peace deal.
The S&P/NZX 50 Index fell 0.52% or 71.98 points to close at 13,651.22.
On Monday, the Nasdaq fell 1.6%, the S&P 500 lost 0.8%, and the Dow Jones dropped 0.3% US President Donald Trump reinstated a blockade of Iranian shipping and proposed a 20% fee for vessels using the Strait of Hormuz on Monday, as US forces launched strikes on Iran for the third night running, according to a Tuesday Reuters report.
In domestic news, New Zealand recorded a recovery in business confidence in the June quarter, with a net 12% of firms forecasting better general economic conditions over the coming months on a seasonally adjusted basis, the New Zealand Institute of Economic Research (NZIER) said.
Also, while near-term inflation pressures in New Zealand appear to have eased, renewed tensions in the Middle East over the last week present upside risks to the central bank's 3.3% inflation forecast for the September quarter, Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway said.
In corporate news, Skellerup Holdings (NZE:SKL).