0413 GMT - New Zealand's NZX-50 index closed 0.1% lower at 13051.12 as Heartland investors recoiled at an increased impairment expense in its New Zealand banking business. Heartland said it would take a NZ$49.6 million impairment expense in its 1H result in response to New Zealand's economic downturn, triggering a 15% decline in its stock prices. Large caps were mostly lower with Fisher & Paykel Healthcare dropping 1.2% and Meridian Energy down 2.0%. On the flipside, a2 Milk built on gains since issuing its 1H results to rise another 3.3%. Turners Automotive gained 5.0% after raising its FY 2025 net profit guidance to a minimum NZ$53 million. Westpac and ANZ rose by 0.6% and 1.1%, respectively, after Australia's central bank cut interest rates, albeit with a hawkish tone to its accompanying statement. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 17, 2025 23:13 ET (04:13 GMT)
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