On Tuesday, New Zealand's benchmark S&P/NZX 50 index advanced by 0.5% to close at 12,185, continuing a positive trend for the third straight session. This uptick comes amid growing optimism over the anticipated US reciprocal tariff deadline set for April 2, with expectations that the measures might not be as severe as previously feared. President Donald Trump suggested that numerous countries might be exempt from these tariffs, although he confirmed that new levies on autos, pharmaceuticals, and aluminum are forthcoming.
In domestic economic developments, employment confidence in New Zealand saw a decline in the first quarter. The Westpac McDermott Miller Employment Confidence Index dropped to 88.3, down from 91.6 in the fourth quarter of 2024, reflecting a cooling in labor market conditions.
In corporate updates, Spark NZ shares surged more than 4% following an announcement that BlackRock and its affiliates raised their ownership in the company to 8.1% from 5.9%. Additionally, Solution Dynamics experienced a gain exceeding 1% after revealing plans for an on-market share buyback. Other significant performers included Fisher & Paykel, rising by 1.4%; Mercury NZ, which increased by 1.8%; and Port of Tauranga, marking a 2.3% advance.
