New Zealand shares edged down by 3 points, or 0.02%, to close at 12,017 on Tuesday, erasing early gains and extending losses for a third consecutive session. The NZX 50 stayed at its lowest level since April 2, as optimism over potential US–Iran peace talks failed to improve sentiment in the face of US President Trump’s threats to destroy Iranian vessels in the Strait of Hormuz.
Weak data released on Monday continued to weigh on the market, with the country’s services sector contracting at its fastest pace in 10 months. Additional pressure came from Chinese trade figures, as China—New Zealand’s largest trading partner—reported export growth that fell well short of expectations.
Most sectors finished in negative territory, including consumer staples, communication services, financials, and technology. Among the worst performers were A2 Milk (-2.8%), amid expectations of profit forecast downgrades linked to supply-chain disruptions, Westpac Banking Corp. (-2.3%), Gentrack Group (-2.1%), Chorus (-2.1%), Mainfreight (-0.8%), and Infratil (-0.8%).
