Asia
New Zealand Shares Fall; Fletcher Building Flags Ongoing Residential Review, Asset Sales Underway
New Zealand shares ended lower on Tuesday as most Asian indexes saw losses amid fresh attacks exchanged between the US and Iran over the Strait of Hormuz.The S&P/NZX 50 Index fell 0.47% or 61.98 points to close at 13,035.70.The US and Iran exchanged fresh strikes across the Gulf on Monday, vying for control of the Strait of Hormuz with rival maritime blockades and rattling an already fragile truce, according to a Monday Reuters report.Meanwhile, New Zealand signed an agreement with Singapore on Monday to keep supply chains open between the countries during times of crisis, according to a Monday Reuters report.In domestic news, the ANZ World Commodity Price Index fell 0.8% month over month in April, with dairy prices in a period of high volatility, particularly butter and anhydrous milk fat, according to a report from ANZ Research.Further, overall card spending fell 2.5% in April, but was up 4.4% compared with the same time last year, ANZ Research said in a note.In corporate news, Fletcher Building (ASX:FBU, NZE:FBU) acknowledged recent media reports about its ongoing strategic review of the residential and development division, including speculation around a potential industrial property sale, but declined to provide further comment.Synlait Milk (ASX:SM1, NZE:SML) obtained two waivers in relation to its syndicated loan facilities, as external challenges continue to strain the company's financial performance.
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