New Zealand Shares Hit All-Time High; Bremworth Says Largest Shareholder to Vote Against Floorscape Deal

New Zealand shares rose to an all-time high on Monday, while Asian shares remained mixed, starting the week with slight caution as the world awaits a peace deal between the US and Iran. The S&P/NZX 50 Index rose 1.07% or 144.68 points to close at 13,763.10. OPEC+ will raise output quotas by 188,000 barrels per day from August, adding further supply to global markets already under pressure from falling oil prices as the Strait of Hormuz gradually reopens to oil exports, In domestic news, New Zealand's total new lending increased to NZ$16.19 billion in May from NZ$14.17 billion in April, according to data from the Reserve Bank of New Zealand. Also, household savings in New Zealand rose by NZ$2 billion in the March quarter, with a related increase in the value of New Zealanders' financial assets to 3.3% over the past year, offsetting softness in the value of housing and land assets, Westpac said in a report. In corporate news, Bremworth (NZE:BRW) said shareholder David Ferrier and associated investors, who collectively hold a 19.413% stake in the company, have indicated that they intend to vote against the proposed scheme of arrangement with.