Market Announcements
Market Summary
The New Zealand sharemarket was soft for the third day running on the back of another tech sell-off in the United States, while leading telecommunications company Spark hit a new low. The S&P/NZX 50 Index traded in a narrow range of 13,351.86 and 13,437.55 and closed at 13,400.66, down 35.11 points or 0.26%. There were 46 gainers and 81 decliners on the main board with turnover reaching 35.1 million shares worth $149.9m.
The S&P/ASX 200 was steady at 8,788.60 points after the May consumer price index (CPI) showed annual inflation was lower than expected at 4% but still well above the Reserve Bank of Australia’s target of 2-3%. The CPI beat the market expectation of 4.3% and was down from 4.2% in April. Lower petrol prices were offset by increased housing costs, including electricity and rents.
At home, Meridian Energy declined 15c or 2.5% to $5.85; Vector was down 11c or 2.21% to $4.86; Summerset shed 20c or 2.27% to $8.60; Oceania Healthcare decreased 2c or 2.56% to 76c; and Hallenstein Glasson eased 14c to $10.05. Telco Spark was down a further 4.5c or 2.47% to $1.77, its lowest level in 16 years. Previously known as Telecom, the stock listed in 1991 at $2 a share, and over the past 12 months, Spark has fallen 24%.
Other decliners were Serko down 3.5c or 2.27% to $1.51; Promisia Healthcare decreasing 2.5c or 3.88% to 62c; and Blackpearl Group shedding 1.5c or 2.78% to 52.5c. Apple exporter Scales Corp increased 16.5c or 2.67% to $6.34; a2 Milk was up 6c to $8.47; Turners Automotive collected 10c to $8.55; Fletcher Building gained 5c to $3.39; and Steel & Tube added 1c or 2.86% to 36c.
KMD Brands, unchanged at 7.9c, told the market it will undertake a 1-for-25 share consolidation on July 1 to significantly reduce the number of ordinary shares currently on issue and to make trading easier. Gentrack, up 4c to $3.75, has completed the purchase of airport technology and services provider Dubai Technology Partners, which employs 60 people. AoFrio gained 0.002c or 2.82% to 7.3 after raising $4.428m through its rights offer at 7c a share. The money will be used to expand the US and European markets, advance AI and next-generation innovation in cold-drink equipment, and fund the launch of its food retail solution.
Source: Business Desk
Australian Market Report
Ahead of the local open SPI futures were 1 points higher at 8832.
- close [Morningstar with AAP]: Australia's share market has snapped a four-session losing streak, but investor sentiment remains subdued with the Reserve Bank's battle with inflation far from over.
The S&P/ASX200 rose 21.4 points on Wednesday, up 0.24 per cent, to 8,808.4, as the broader All Ordinaries improved by 24.3 points, or 0.27 per cent, to 9,012.6.
Nine of 11 local sectors ended the day higher as energy stocks and miners fell behind and mixed May inflation figures left the door open to further interest rate hikes in 2026.
May headline CPI came in cooler than expected at four per cent year-on-year, while the RBA's preferred trimmed mean measure rose to 3.6 per cent from 3.4 per cent in April.
Materials clocked a fifth straight session of losses as an increasingly hawkish outlook for US borrowing costs continued to bolster the greenback, weighing on metals prices and the global growth outlook.
"The biggest thing that is psychologically important to the market here is the Fed (US Federal Reserve), and whether it can kick and build and become a saturated consensus trade into this long US dollar position," Pepperstone head of Research Chris Weston told AAP.
"And that has an impact on materials stocks, and obviously the commodities that they're selling."
The energy sector fell more than one per cent as oil prices slumped to their lowest level since the beginning of the Persian Gulf conflict, weighing on Santos, Woodside and refinery operators Viva Energy and Ampol.
Coal miners were broadly weaker while uranium stocks bounced after days of selling.
The financials sector staged a modest 0.3 per cent improvement, as NAB led three of the big four banks into the green while ANZ lost ground.
IT stocks outperformed the bourse, soaring more than five per cent in a broad-based rally led by rebounds in segment giants WiseTech Global and Xero.
Health care stocks were also strong, surging more than two per cent with big moves from Telix Pharmaceuticals, CSL and Pro Medicus.
In company news, Westpac appointed Macquarie's Richard Heeley as chief information officer, to replace the retiring Scott Collary.
Baby Bunting shares tumbled by more than a tenth after it cut its 2026 profit guidance by roughly 12 per cent.
The Australian dollar is buying 69.06 US cents, down from 69.53 US cents on Tuesday at 5pm AEST after dipping to 11-week lows against the greenback shortly after May inflation figures were released.
"While domestic events and the Aussie's disappearing yield advantage are clearly playing a role in the AUD/USD decline, so too is the resurgent USD which looks like a volcano primed to erupt," IG market analyst Tony Sycamore said.
"The next few domestic data prints ??? starting with tomorrow's jobs report ??? will be crucial in deciding whether the Aussie can find any near-term footing or whether the AUD/USD extends its decline."
ON THE ASX:
The S&P/ASX200 gained 21.4 points, or 0.24 per cent, to 8,808.4
The broader All Ordinaries rose 24.3 points, or 0.27 per cent, to 9,012.6
The NZX 50 added 25.90 points (0.19%) to 13426.56
Overseas Market Report
[Morningstar with Dow Jones]:
U.S. stocks ended mixed. The DJIA climbed 0.4% to 51,848.90, the S&P 500 slipped 0.1% to 7,358.22 and the Nasdaq declined 0.4% to 25,476.64.
Among S&P 500 companies, the top three gainers were Builders FirstSource Inc BLDR surging 11.31%, IQVIA Holdings Inc IQV jumped 8.37%, and Charles River Laboratories International Inc CRL lifted 8.31%.
The biggest decliners were Apollo Global Management Inc APO which dropped 6.13%, Blackstone Inc BX fell 5.90%, and Robinhood Markets Inc HOOD lost 5.87%.
Asia
Chinese shares closed higher. The benchmark Shanghai Composite Index rose 0.1% to 4,110.81 and the Shenzhen Composite Index lifted 0.8% to 2,855.61.
Hong Kong shares ended higher. The benchmark Hang Seng Index rose 0.3% to 23,412.18.
Japanese shares ended lower. The Nikkei Stock Average slipped 0.9% to 69,174.97.
India shares ended higher. The BSE SENSEX gained 1% to 76,991.22.
Europe
Stocks in the U.K. finished higher. The FTSE 100 Index climbed 0.3% to 10,461.63. In Europe, shares closed mixed. The Germany's DAX dropped 0.6% to 24,740.36, and the France's CAC 40 added 0.5% to 8,385.49
