New Zealand Shares Fall as Markets Await US Election Results; Unemployment Rate Rises to Near Four-Year High

MT Newswires Live11-06

New Zealand shares fell on Wednesday as results from the US presidential elections started to trickle in.

The S&P/NZX 50 Index was down 9.13 points, or 0.1%, to close at 12,649.17.

US equities rose overnight, with the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average each up past 1%.

Global markets are closely watching the outcome of the US presidential race as polls closed overnight. Based on the Associated Press' latest tally, Vice President Kamala Harris has won 187 electoral votes, while Donald Trump has secured 230.

In domestic news, New Zealand's unemployment rate grew to 4.8% in the September quarter from 4.6% in the three months to June, Stats NZ data showed. This marks the country's highest unemployment rate since the December quarter of 2020 when the measure was at 4.9%.

In corporate news, Vital Healthcare Property Trust (NZE:VHP) rose nearly 2% after it reported adjusted funds from operations of NZ$0.0257 per unit in the first quarter ended Sept. 30, down 2.7% from NZ$0.0264 per unit in the same period last year.

Meanwhile, Fonterra Co-operative Group (NZE:FCG) applied to move to the NZX Main Board from the private market by early 2025. FCG's shares closed marginally higher.

Lastly, Fonterra Shareholders Fund (NZE:FSF, ASX:FSF) plans to delist from the Australian bourse, saying that its current dual listing is no longer needed to promote liquidity. The fund's shares ended Wednesday trade up more than 1%.

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