New Zealand Shares Fall Despite Trade Surplus; Warehouse Group Slides 8%

MT Newswires Live06-24

New Zealand shares closed lower on Monday as investors digested mixed economic signals, with the country's credit card billings sliding and trade balance returning to a surplus in May.

The S&P NZX/50 Index declined 0.47% or 54.53 points to close at 11,627.86.

This decline came despite positive news regarding the country's trade data. Stats NZ reported a surplus of NZ$204 million in May, compared with a trade deficit of NZ$3 million in April. The latest trade data was buoyed by record goods exports, which reached NZ$7.2 billion in May.

On the other hand, data from the Reserve Bank showed a concerning trend in consumer spending. Credit card billings in New Zealand fell 0.1% year-on-year in May, with domestic spending down 1.2%. This suggests potential weakness in household consumption, a key driver of economic growth.

On the corporate front, The Warehouse Group (NZE:WHS) expects sales from continuing operations during the current fiscal year to decrease by 6% to 7% year on year due to subdued consumer demand and lower-than-expected fourth-quarter sales. Its sales fell 8.4% at the close of trading.

Elsewhere, power generation firm Mercury NZ (NZE:MCY, ASX:MCY) launched an offering of up to NZ$300 million of unsecured, subordinated capital bonds to institutional and New Zealand retail investors, which is set to close on June 27. Its shares closed 1% lower on Monday.

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