New Zealand Shares Fall Ahead of Key US Economic Data; Tower Sheds 3% After CEO Departure

MT Newswires Live11-01

New Zealand shares fell further on Friday while Asian peers traded mixed ahead of a crucial US economic report.

The S&P/NZX 50 Index was down 0.6%, or 79.62 points, to close at 12,559.28.

Producer manufacturing equities led the decline as equities shed nearly 2%, followed by consumer non-durables and transportation, which both fell past 1%.

In Asia, Japan's Nikkei 225 lost more than 2%, Shanghai's SSE gained 0.6%, and Hong Kong's Hang Seng advanced 1.6% in recent trade.

All eyes are on the US nonfarm payrolls report on Friday before the presidential elections and the US Federal Reserve's monetary policy meeting take over headlines next week.

In domestic news, New Zealand logged the first year-on-year increase in the number of standalone houses consented since December 2021 in the September quarter, according to Stats NZ data. The number of new homes approved rose 0.5% year on year.

In corporate news, New Zealand's Commerce Commission filed proceedings with the Auckland High Court against Fletcher Building's (NZE:FBU, ASX:FBU) plasterboard subsidiary Winstone Wallboards over alleged irregularities in rebate deals.

Tower (NZE:TWR, ASX:TWR) fell 3% after the company disclosed Chief Executive Blair Turnbull's resignation, effective Feb. 12, 2025.

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