New Zealand Shares Rebound, Asia Peers Trade Mixed; Vector Up 5% on Higher Fiscal H1 Earnings

MT Newswires Live02-26

New Zealand bucked a two-day losing streak as shares climbed Wednesday despite losses on Wall Street overnight and a mixed trade in Asia.

The S&P/NZX 50 Index rose 1.2%, or 145.19 points, to close at 12,452.46.

Most sectors advanced, led by distribution services with a 6.5% increase.

In Asia, Hong Kong's Hang Seng rallied 2.5%, while the Shanghai SSE rose 0.5% and Japan's Nikkei 225 fell 1%.

Overnight, the Nasdaq Composite declined 1.4%, the S&P 500 dropped 0.5%, and the Dow Jones Industrial Average advanced 0.4%.

Data showed that US consumer confidence weakened for a third consecutive month in February, to mark its largest decline since August 2021.

In corporate news, Meridian Energy (NZE:MEL, ASX:MEZ) reported a loss per diluted share in the fiscal first half of NZ$0.047, compared with earnings of NZ$0.074 a year earlier. The power company finished 1% higher.

Vector Limited (NZE:VCT) climbed almost 5% after it reported that its fiscal first-half earnings rose to NZ$0.124 per diluted share from NZ$0.024 a year earlier. Separately, Chief Executive Simon Mackenzie disclosed his departure by the end of June.

Scales (NZE:SCL) rose 2% as 2024 earnings per diluted share rose to NZ$0.215 from NZ$0.037 a year earlier.

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