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typeContent_19130:::2025-06-17T05:33:35

New Zealand Shares Close Lower

The S&P/NZX 50 index in New Zealand experienced a decline of 0.4%, closing at 12,639 on Tuesday, as the market pulled back from gains realized in the previous session. This downturn reflects investors' shift towards risk-averse strategies amid rising Middle East tensions. The conflict between Israel and Iran has intensified, entering its fifth day, with both parties engaging in fresh attacks. Despite Tehran's call for international pressure on the U.S. to mediate a ceasefire, Israel has shown no inclination to comply. Additionally, bearish market sentiment was exacerbated by newly released data indicating New Zealand's annual food inflation rose to 4.4% in May from 3.7% in April, marking the highest rate since December 2023. Investors are closely monitoring upcoming domestic data releases this week—such as current account figures, consumer confidence metrics, and the GDP for Q1—for further economic insights. Noteworthy declines were observed in several major stocks, including Gentrack Group (-4.9%), Ryman Healthcare (-2.7%), Mercury NZ (-2.3%), Meridian Energy (-2.2%), and Fisher & Paykel (-1.9%).

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