New Zealand shares ended flat on Thursday with a positive bias following a global sell-off after US President Donald Trump announced reciprocal tariffs.

The S&P/NZX 50 Index was slightly changed to gain 0.2% or 18.38 points to close at 12,338.57.

Trump has imposed 10% tariffs on New Zealand as part of his sweeping tariff plan.

Trade Minister Todd McClay said New Zealand will not retaliate against the tariffs as it would hike costs for consumers and add to inflationary pressure.

In the local economy, the ANZ World Commodity Price Index fell 0.4% month-over-month in March, and the NZD Commodity Price Index fell 0.5% over the same period, according to a Thursday report from ANZ Research.

Meanwhile, New Zealand households' net worth rose NZ$834 million to NZ$2.44 trillion in the December 2024 quarter, Stats NZ said Thursday.

In corporate news, Tower (ASX:TWR, NZE:TWR) said Bain Capital Investments and its related entities ceased to be substantial holders after selling all of their 68.3 million shares or 19.94% stake in the company.

Skellerup Holdings (NZE:SKL) reiterated its net profit after tax guidance of NZ$52 million to NZ$56 million for the fiscal year ending June 30 as it does not expect the new tariffs to have a material impact on its earnings results.