New Zealand Shares Fall; Napier Port Holdings Completes Share Repurchase Program
New Zealand shares ended lower on Wednesday despite a rise in most Asian shares.The S&P/NZX 50 Index fell 0.42%, or 55.63 points, to close at 13,115.08.Investors looked past geopolitical tensions to focus on the tech sector. Citing people familiar with the matter, Reuters reported that SpaceX is targeting a $1.75 trillion valuation in its initial public offering."The [tech sector] trend remains positive, with the catalyst for further material gains possible with a resolution with Iran," said veteran strategist Louis Navellier, as quoted by Bloomberg.In domestic news, New Zealand's seasonally adjusted new dwellings consents rose 11% to 3,802 in April from 3,429 in the previous month, according to Stats NZ dataAlso, a total of 14,364 metric tonnes (MT) of products were sold during the Global Dairy Trade (GDT) auction held on Tuesday, with supply ranging from 13,601 to 17,661 MT, according to data from the trading platform.Further, New Zealand recorded two-way international trade of NZ$60.9 billion for the March quarter, up 6.3% from a year earlier as both exports and imports increased, according to Stats NZ data.Meanwhile, the national average asking price for property in New Zealand remained nearly flat in May, down just 0.2% year over year to NZ$862,518, realestate.co.nz said.Finally, there are signs of gradual improvement in New Zealand's credit landscape despite a challenging environment, although the recovery remains uneven across products, regions, and sectors, Centrix said in its May Credit Indicator report.In corporate news, Napier Port Holdings (NZE:NPH) completed an on-market share buyback program launched in May, purchasing a total of 312,000 ordinary shares.Pacific Edge (NZE:PEB, ASX:PEB) completed its NZ$36.1 million equity raising at NZ$0.17 per share, comprising a NZ$25.4 million placement and an oversubscribed retail offer that drew NZ$46 million in applications.