New Zealand Shares Fall Amid Wall Street's Decline; Napier Port Holdings' Q4 Container Volumes Fall

MT Newswires Live
10/10

New Zealand shares fell on Friday as Wall Street closed lower after the US Senate failed to end the government shutdown.

The S&P/NZX 50 Index fell 0.76% or 103.60 points to close at 13,467.26.

The benchmark S&P 500 fell 0.3%, while the Nasdaq Composite was down 0.1%, and the Dow lost 0.5%.

The US government shutdown continued on its ninth day, as the US Senate failed to pass two bills that could have funded the government through Nov. 21, according to a Thursday Seeking Alpha report.

New Zealand and Singapore signed a Comprehensive Strategic Partnership (CSP) on Friday, with their prime ministers vowing to strengthen cooperation and uphold the international rules-based order amid rising global tensions, Reuters reported.

In domestic news, New Zealand's manufacturing sector remained in mild contraction in September, as ongoing challenges from soft demand, rising costs, and cautious customer spending continued to weigh on the industry's recovery prospects, BusinessNZ said.

Also, New Zealand landlords are cutting or holding rents in September due to lower levels of renter activity over the year, creating a highly competitive environment, according to a report by real estate agency Barfoot & Thompson.

In corporate news, Chorus (NZE:CNU, ASX:CNU) said that New Zealand's Minister of Finance and Minister of Infrastructure asked the National Infrastructure Funding and Financing to investigate the feasibility of selling the New Zealand government's securities in the company.

Napier Port Holdings (NZE:NPH) reported fourth quarter total container volumes of 57,000 twenty-foot equivalent units (TEU), down from 59,000 TEU last year.

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