New Zealand Shares Fall as Geopolitical Tensions Rise in Middle East; Ventia Services Secures AU$100 Million Deal With NZ Partner

MT Newswires Live
06-13

New Zealand shares fell on Friday as rising geopolitical tensions in the Middle East resulted in a broad-based sell-off in Asian markets.

The S&P/NZX 50 Index fell 0.8% or 96.23 points to close at 12,552.87.

Israel launched widescale strikes against Iran on Friday, saying it targeted nuclear facilities and other military targets and that this was the start of a prolonged operation to prevent Iran from building an atomic weapon, according to a Friday Reuters report.

New Zealand Prime Minister Christopher Luxon will visit Europe and China next week to meet their respective leaders, Reuters reported, citing a government statement.

"China is New Zealand's largest trading partner and a vital part of our economic story. The challenging global outlook makes it vital that we share perspectives and engage China on issues that matter to New Zealand," said Luxon, as quoted by Reuters.

In domestic news, New Zealand's manufacturing sector contracted in May after four months of expansion, as four of the five key sub-indices declined, according to a Friday report by BusinessNZ.

The Financial Markets Authority is asking for public feedback on a plan to exempt listed companies from some rules about unsolicited offers when they buy back their debt securities that are traded on the market.

In corporate news, Ventia Services Group (NZE:VNT, ASX:VNT) secured a new agreement valued at about AU$100 million with partner and New Zealand-based wholesale fiber provider Tuatahi First Fibre, according to a Friday filing with the Australian and New Zealand bourses.

Napier Port Holdings (NZE:NPH) repurchased 1,801 ordinary shares for NZ$3.1883 apiece on Thursday under an on-market buyback program.

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