FX.co ★ New Zealand Stocks Drop for Third Session

The S&P/NZX 50 index in New Zealand declined by 0.6% to a closing point of 13,277 on Tuesday, reflecting its third consecutive day of losses, with the majority of key sectors experiencing a downturn. Significant declines were seen among major financial stocks, notably Precinct Properties, which saw a near 7% drop after revealing a new equity raising effort aimed at supporting growth. Other financials also tumbled, with Westpac Banking and Kiwi Property sliding by 1.9% and 3.2%, respectively. Additional sectors facing losses included Vector, Napier Ports, Mercury NZ, and Vista Group, which decreased by 3%, 3%, 2.4%, and 2.3%, respectively. Conversely, Scott Technology enjoyed a surge of over 14% to its highest level in nearly 18 months after its automation and robotics division secured fresh contracts with appliance manufacturers in the United States and Brazil. Meanwhile, market participants closely monitored the ongoing trade discussions between the United States and China, as both countries expressed willingness to resume negotiations, possibly setting the stage for a meeting between Presidents Trump and Xi.