New Zealand Shares Rise; Michael Hill International Chair to Retire
New Zealand shares rose on Monday while most Asian markets saw losses amid an intensified US-Iran conflict.The S&P/NZX 50 Index rose 1.08% or 149.12 points to close at 13,917.30.American forces carried out strikes on Larak Island on Sunday, as the first known strikes on Iran since late July, targeting two Iranian missile launchers, according to a Sunday Reuters report, citing a US official.On Friday, the Nasdaq Composite fell 0.5%, the S&P 500 lost 0.3%, and the Dow Jones was flat with a negative bias.In domestic news, New Zealand business confidence fell 2 points in August to 54 from 56 last month, while expected own activity eased 1 point to 48 from 49 a month ago, according to a report by ANZ.Also, New Zealand's lending from registered banks and non-bank lending institutions increased in July, driven by growth in housing and agricultural lending, while personal consumer and business lending edged lower compared with the previous month, according to data from the Reserve Bank of New ZealandFurther, the Reserve Bank of New Zealand (RBNZ) is expected to hike the cash rate by 25 basis points to 2.75% at its September meeting, reaffirming its tightening bias, Bank of New Zealand (BNZ) said.In corporate news, Michael Hill International (ASX:MHJ, NZE:MHJ) said Chair Rob Fyfe has advised the board of his intention to retire from the role, effective Nov. 28.The a2 Milk Co. (ASX:A2M, NZE:ATM) said members of its executive leadership team sold the equivalent of up to 50% of the shares they received following the vesting of fiscal 2024 performance rights issued under the company's long-term incentive plan.
