New Zealand Shares Muted Amid US Thanksgiving Holiday; Tower Discloses Growth Target for Fiscal Year 2027

MT Newswires Live2024-11-29

New Zealand shares ended Friday flat with a positive bias amid lull trading due to the US Thanksgiving holiday.

The S&P/NZX 50 Index was little changed at 13,066.92.

The index has lost 0.4% over the past five trading days.

Among Asian peers, Chinese shares rallied, with the Shanghai SSE and Shenzhen's Component Index up 1.6% and 2.4%, respectively. Japan's Nikkei 225 lost 0.5%.

In domestic news, New Zealand's consumer confidence strengthened in November as the ANZ-Roy Morgan Consumer Confidence index jumped nine points to 99.8.

Meanwhile, New Zealand's housing and personal consumer lending rose 3.4% on an annual basis in October, following a 3.3% increase in September, data from the Reserve Bank of New Zealand showed.

In corporate news, Tower (NZE:TWR, ASX:TWR) disclosed a target growth of 10% to 15% in its gross written premiums by the fiscal year 2027.

Rakon (NZE:RAK) appointed Mark Dunwoodie as Chief Financial Officer, effective Dec. 2. Dunwoodie served as the company's CFO since Aug. 26.

Marlborough Wine Estates Group (NZE:MWE) said it plans to delist from the New Zealand bourse as part of its cost-reduction measures.

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