New Zealand Shares Muted as Markets Weigh US Earnings Season

MT Newswires Live10-23

New Zealand markets were relatively quiet on Wednesday as shares were muted after reaching a 52-week high earlier in the week.

The S&P/NZX 50 Index was little changed at 12,787.60 at market close.

Among the gainers were shares in electronic technology, industrial services, and consumer non-durables companies.

Stocks were also muted on Wall Street overnight as the earnings season continued, with the S&P 500 and Dow Jones Industrial Average little changed. The Nasdaq Composite eked out a 0.2% gain.

In domestic news, New Zealand's industry and household greenhouse gas emissions rose 1.1% in the June quarter, driven by electricity generation, Tuesday data from Stats NZ showed.

In corporate news, Michael Hill International (NZE:MHJ, ASX:MHJ) reported that its group all-store sales for the first 14 weeks of fiscal 2025 rose 4.3% on the prior year on the strength of its Australian and Canadian segments. The jeweler retailer's shares closed Wednesday trade up almost 4%.

Meanwhile, Fletcher Building (NZE:FBU, ASX:FBU) said market volumes in its materials and distribution businesses declined 10% to 15% year on year in the first quarter of fiscal 2025, with this weakness likely to continue for the rest of the financial year. Shares were up nearly 2% at market close.

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