FX.co ★ New Zealand Shares Pull Back

On Tuesday, the S&P/NZX 50 Index experienced a 1% decline, closing at 12,834. This decrease marked a retreat from a peak not seen in five months, influenced by widespread losses across various sectors amid ongoing global trade uncertainties. Investor attention remained fixed on trade negotiations following remarks by US Treasury Secretary Scott Bessent, who emphasized that the administration values the quality of trade agreements over meeting deadlines. This comes as President Trump faces a decision on whether to extend deadlines for countries demonstrating progress in negotiations. On the home front, New Zealand's economic sentiment was dampened by disappointing trade figures, as the nation's trade surplus shrank to its lowest in five months in June. This reduction was due to a 19% surge in imports, which outpaced a 10% rise in exports. Significant losses were observed across several companies: Gentrack Group fell 4.4%, Serko decreased by 3.2%, Auckland International Airport dropped 2.6%, Ryman Healthcare slid 2.3%, and Chorus declined by 2.1%. The financial sector, a prominent component of the index, also saw declines, including Precinct Properties falling 2.8%, ANZ Group decreasing by 1.6%, and Westpac down by 1.4%. Additionally, the consumer durables and distribution services sectors faced declines of 3.8% and 2.2%, respectively.