New Zealand Shares Fall; Property for Industry Raises Fiscal Year 2026 Outlook
New Zealand shares ended lower on Tuesday as investors saw fading hopes of a US-Iran peace agreement.The S&P/NZX 50 Index fell 0.99% or 130.15 points to close at 13,080.33.US President Donald Trump said that the US ceasefire with Iran was "on life support" after Iran rejected a peace proposal by the US and insisted on its own list of demands, according to a Tuesday Reuters report.In domestic news, home property values in New Zealand held steady in April, showing no sense of urgency in the market, albeit with buyers having become increasingly cautious amid rising economic and political uncertainty, QV said.Also, light traffic in New Zealand fell about 1.7% in April, signaling softer demand as higher fuel prices made people more wary of driving, ANZ Research said.Meanwhile, New Zealand's seasonally adjusted volume of ready-mixed concrete rose 1.1% in the March quarter, following a 2.7% rise in the preceding three-month period, Stats NZ data showed.In corporate news, Property For Industry (NZE:PFI) has updated its fiscal year 2026 guidance and now expects to pay cash dividends of around NZ$0.095 per share, up from its previous guidance of at least NZ$0.0905.Comvita (NZE:CVT) successfully completed a NZ$40.5 million capital raise, including NZ$30 million from a pro-rata renounceable rights offer and a further NZ$10.5 million through a strategic placement.
