New Zealand Shares Flat, Scales Acquires JV Partner's Stake in European Pet Food Business for Undisclosed Sum
New Zealand shares ended flat with a negative bias on Monday as most Asian markets saw losses amid continued fears of disrupted global oil supply due to the Middle East conflict.The S&P/NZX 50 was little changed to close at 13,560.69.Fresh strikes on Saudi Arabia and vessels in the Gulf rattled the region on Sunday, as an attack on a Saudi oil pipeline and Houthi advances in Yemen threatened to deepen the war's toll on global energy supplies, according to a Sunday Reuters report.In domestic news, New Zealand's services sector continued to expand in August, extending its growth streak to three consecutive months, according to a statement by BusinessNZ.Further, the Infometrics-Foodstuffs New Zealand Grocery Supplier Cost Index showed an average 1.9% year-over-year increase in supplier costs for supermarkets in August, unchanged from July's result, according to an Infometrics report.In corporate news, Scales (NZE:SCL) acquired its joint venture partner's stake in European pet food business Esro Petfood for an undisclosed nominal consideration.Nine Entertainment (ASX:NEC) said its QMS NZ unit turned on its City Rail Link out-of-home digital advertising network in Auckland.