NZX 50 drops as oil spike rocks heavyweights Auckland Airport, Meridian
New Zealand’s S&P/NZX 50 index joined a muted day across Asia as US President Donald Trump’s resumption of a naval blockade on the Strait of Hormuz sent oil prices higher, knocking local heavyweights including Auckland International Airport and Meridian Energy.
The kiwi dollar climbed after Reserve Bank chief economist Paul Conway noted the revived conflict in the Middle East created upside risks for the central bank’s inflation forecast, while the New Zealand Institute of Economic Research’s latest business confidence survey showed a recovery in sentiment before the latest ratcheting up of tensions.
Despite the declines among larger companies, more firms rallied on the day, with Skellerup Holdings touching a record as it raised its earnings guidance and Ryman Healthcare advancing on increased resales of occupation rights in the June quarter.
And commerce minister Cameron Brewer unveiled the next round of capital markets reform, seeking feedback on a range of measures aimed at cutting the cost of capital.
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