New Zealand Shares Fall on US Corporate Earnings, Elections; Spark Lowers Earnings, Dividend Guidance

MT Newswires Live10-30

New Zealand shares rose on Wednesday as investors weighed in on recent US earnings as the presidential elections loom.

The S&P/NZX 50 Index was down 88.52 points, or 0.69%, to close at 12,694.84

Overnight, Nasdaq rose 0.8% to a record high of 18,712.8, while the S&P 500 advanced 0.2% to 5,832.9. The Dow Jones Industrial Average shed 0.4% to 42,233.1. Markets continued to assess the latest corporate earnings reports in tandem with the all-important US presidential elections next week.

In domestic news, New Zealand's unemployment rate is forecast to rise to 4.9% in the third quarter from 4.6% in the second quarter, according to ANZ analysts.

Markets have fully priced a 50-basis-point cut in November and the only thing that could put this off the table is a significantly lower unemployment rate than the central bank's forecast, the analysts noted.

In corporate news, Spark New Zealand (NZE:SPK, ASX:SPK) lowered its FY2025 earnings before finance income and expense, income tax, depreciation, amortization, and net investment income guidance to NZ$1.12 billion to NZ$1.18 billion from the previous forecast of NZ$1.17 billion to NZ$1.22 billion. It also cut its dividend guidance to NZ$0.25 per share from NZ$0.275 per share. The company was up 1% on market close after reaching its lowest point since 2015 earlier in the day.

Property For Industry (NZE:PFI) sold its property at 44 Mandeville Street, Riccarton, Christchurch in New Zealand for roughly NZ$13.3 million to a private investor, as well as obtained consent for a proposed development in Auckland. The real estate company's shares dropped 1% on close.

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