Asia
New Zealand Shares Fall; AM Best Affirms Tower Ratings at 'A-Excellent' With Stable Outlook
New Zealand shares closed lower on Tuesday amid reports of US President Donald Trump being unsatisfied with Iran's latest proposal to end the US-Iran conflict.The S&P/NZX 50 Index fell 0.86% or 110.54 points to close at 12,764.40.Trump is "unhappy" with Iran's latest proposal to resolve the two-month conflict, according to a Tuesday Reuters report, citing a US official.New Zealand signed a free trade agreement (FTA) with India on Monday that lowers tariffs on key fruit imports such as kiwifruit and apples, expands opportunities for Indian exports, and eases visa access as the two countries deepen economic ties, according to a Monday Reuters report.In domestic news, the total business count across New Zealand fell to 599,352 in March from 599,625 in February, according to data from Stats NZ.Also, the seasonally adjusted number of filled jobs across New Zealand industries rose 0.3% month on month to 2.4 million in March, following a 0.2% increase in the previous month, data from Stats NZ showed.Further, home lending in New Zealand increased almost 18% in the six months through December 2025, with first-home buyers receiving nearly a quarter of new residential loans in the period, the New Zealand Banking Association (NZBA) said.In corporate news, Tower (ASX:TWR, NZE:TWR) said AM Best has reaffirmed its financial strength rating at "A-Excellent" and its long-term issuer credit rating at "a-Excellent," both with a stable outlook.Fletcher Building (ASX:FBU, NZE:FBU) entered a binding conditional agreement to sell its Fletcher Reinforcing and Wire business to United Industries for NZ$15.7 million.
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