Asia
New Zealand Shares Rise; Meridian Energy Secures 35-Year Extension for Waitaki Power Scheme
New Zealand shares ended higher on Tuesday as Asian markets followed Wall Street's Monday rally, aided by confirmation of the US-Iran peace deal.The S&P/NZX 50 Index rose 0.49%, or 65.54 points, to close at 13,426.13.On Monday, the Nasdaq Composite gained 3.1%, the S&P 500 added 1.7%, and the Dow Jones rose 0.9%.In domestic news, the number of transport motor vehicle registrations in New Zealand in May, licensed for 12 months, fell to 3.8 million from nearly 3.9 million in the same period last year, according to figures released by Stats NZ.Also, petrol and diesel prices in New Zealand decreased by 3.8% and 11.4%, respectively, in May compared with the previous month, according to a Stats NZ selected price indexes report.Further, New Zealand's gross domestic product (GDP) is forecasted to have grown by 0.7% quarter-over-quarter and 1% year-over-year in the March quarter, below the Reserve Bank of New Zealand's 1% quarter-over-quarter expectation, and slightly below consensus at 0.8% quarter-over-quarter, BofA Securities said.Meanwhile, the New Zealand selected price indexes for May came in broadly as expected, reinforcing the downside risks to the June quarter consumer price index (CPI) forecast, ANZ Research said.In corporate news, Scott Technology (NZE:SCT) won a contract to supply an automated modular crush cell system to an unnamed testing, inspection, and certification provider.Meridian Energy (ASX:MEZ, NZE:MEL) secured approval by the Environment Court to continue operating the Waitaki Power Scheme for a further 35 years.
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