Asia
New Zealand Shares Rise; Serko Names Chief Product Officer
New Zealand shares ended higher on Wednesday, while most Asian shares saw a decline as tensions escalated again in the Middle East.The S&P/NZX 50 Index rose 0.38%, or 49.57 points, to close at 13,253.65.Iran's Revolutionary Guards said they had struck a US base in Jordan and 21 other targets across the Gulf on Wednesday in response to American strikes near the Strait of Hormuz, according to a Wednesday Reuters report, citing Iranian media.In domestic news, ANZ and Westpac said that they expect New Zealand's economy grew 1% in the March quarter, according to separate reports by the banks.Also, New Zealand's light and heavy traffic fell in May as higher fuel prices triggered by the Middle East conflict weighed on demand and discouraged driving, ANZ Research said.Further, Westpac said it expects New Zealand's gross domestic product to rise 1% in the March quarter, with seasonal distortions adding about 0.4 percentage points, according to a report by the bank.Meanwhile, New Zealand's agriculture sector is performing "incredibly well" despite developments overseas, as farmgate prices for beef, lamb, mutton, and wool currently stand at or near record levels, ANZ said.In corporate news, Serko (NZE:SKO, ASX:SKO) appointed David Holyoke as chief product officer, effective immediately.Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand division launched its fourth mobile community banking van at Mystery Creek's Fieldays agricultural event to make its services more accessible.
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