New Zealand Shares Fall; Taiko Critical Minerals Raises NZ$7 Million Through Placement
New Zealand shares ended lower on Tuesday while the country's central bank decided to lift interest rates, and the US and Iran exchanged fresh military strikes.The S&P/NZX 50 Index fell 0.71% or 97.61 points to close at 13,665.18.On Tuesday, the Nasdaq Composite fell 1.2%, the S&P 500 lost 0.5%, and the Dow Jones decreased 0.3%.The Reserve Bank of New Zealand's (RBNZ) monetary policy committee raised the official cash rate (OCR) by 25 basis points to 2.5%, citing the need to continue reducing monetary stimulus as inflation remains above target despite easing global energy price pressures, according to a statement.Iran's Revolutionary Guards said they struck US military sites in Bahrain and Kuwait on Wednesday, following a wave of US military strikes on Iran in response to attacks on tankers in the Strait of Hormuz, according to a Tuesday Reuters report.In domestic news, New Zealand's housing market has become increasingly divided along regional lines in the first half of the year, amid cost-of-living pressures weighing on buyer confidence, QV said.Also, a total of 26,316 metric tonnes (MT) of products were sold during the Global Dairy Trade (GDT) auction held on Tuesday, with supply ranging from 25,081 to 30,737 MT, according to data from the trading platform.In corporate news, Taiko Critical Minerals (NZE:TCM) has secured NZ$7 million through a placement to wholesale investors, issuing around 28 million new shares at NZ$0.25 each.
