New Zealand Shares Flat Amid Hopes of US-Iran Peace Talks; Contact Energy Posts Higher March Retail Electricity, Gas Sales
New Zealand shares ended flat on Thursday, while most Asian markets saw gains as investors saw growing optimism around US-Iran peace talks after Israel discussed a possible ceasefire against Lebanon.The S&P/NZX 50 Index was little changed to close at 13,066.06.On Wednesday, the Nasdaq Composite added 1.6%, the S&P 500 gained 0.8%, and the Dow Jones fell 0.2%.Israel's security cabinet met on Wednesday to consider a potential ceasefire in Lebanon, according to a Wednesday Reuters report, citing a senior Israeli official."As we move into the heart of earnings season, the focus is shifting back toward fundamentals, with a more idiosyncratic, stock-driven environment beginning to take hold," said Scott Rubner, head of equity and equity derivatives strategy at Citadel Securities, as quoted by Reuters in a separate report.In domestic news, New Zealand's nationwide housing market value rose by 0.2% year-on-year in March, with Auckland down 1.2% and areas outside Auckland seeing a modest 1.1% rise, Real Estate Institute of New Zealand (REINZ) said.Also, Businesses in New Zealand say they are experiencing considerable disruptions due to the Middle East conflict and the resulting surge in oil prices, Westpac said in a report.In corporate news, Contact Energy (ASX:CEN, NZE:CEN) said retail mass-market electricity and gas sales increased year on year in March, alongside a rise in wholesale contracted electricity sales.Fletcher Building (ASX:FBU, NZE:FBU) reported modest improvements in key product volumes for the fiscal third quarter, with gains in light building products and distribution partially offset by continued weakness in heavy materials and residential activity.
