Attention goes offshore as NZ sharemarket steady

The New Zealand sharemarket remained steady on Thursday as investors and analysts focused their attention on the US markets, where major companies have begun to announce new results.

On the main board, the S&P/NZX 50 Index closed up 0.09% or 11.07 points, rising to 12,805.13, with 25.1 million shares changing hands to the value of $93.3m.

The S&P/NZX 20 index closed at 7,499.26, up 0.07%, while the S&P/NZX 10 index ended the day at 12,527.42, rising 0.27%.

There were 76 gainers on the main board and 60 decliners.

CEO resigns

NZX chief executive Mark Peterson announced his resignation on Thursday and said he would be leaving at the end of April 2026, following the company’s annual meeting.

Appointed CEO in April 2017, Peterson has helped guide the market operator to new heights, with NZX’s operating earnings having increased from $28.6m to $48.5m during his tenure.

In trade news, the United States and Japan reached a deal that included lowering President Donald Trump’s tariffs on Japan’s crucial car sector.

The US lowered tariffs on some Japanese goods to 15%, down from the threatened 25%. In return, Japan pledged to invest US$550 billion (NZ$908.1b) in the US, Trump said on social media.

Devon Funds Management head of retail Greg Smith said markets would be watching Trump’s visit to the US Federal Reserve with interest, considering it’s the first time in nearly two decades a sitting president has visited.

“It’s more pressure for [Federal Reserve chair] Jerome Powell. Markets have been aware of that, but then they’ve dismissed it as Trump has said he’s got no plans to fire him,” Smith said.

Tesla revenue plummets

As for the earnings season in the US, Google parent Alphabet reported quarterly profits that topped expectations, while Elon Musk’s Tesla saw its revenue fall 12% – the sharpest decline in at least a decade.

“They’re still copping a lot of competition from companies with more affordable EVs, then you’ve got the effect of boycotts on Tesla. It’s been a pretty bad performance this year. Maybe there might be a bit more focus from Elon Musk.”

Looking back home, Smith said Google’s performance in cloud and data centre technologies could benefit Infratil, which operates as a landlord for some data centres in NZ.

Infratil’s share price rose 2c, or 0.18%, to $11.19 after 582,097 shares traded hands, valued at $6.5m.

Air NZ lifts

Elsewhere, Air NZ rose half a cent or 0.86% to 58.5c on high volume, with 1,981,843 shares trading hands.

Ebos Group also rallied 98c or 2.46% after $5.6m worth of shares were traded, lifting its price to $40.76.

International markets

Wall Street stocks advanced on Wednesday, with the Dow logging strong gains and the S&P 500 closing at a record for the third consecutive day.

The Dow Jones Industrial Average added 1.1% to 45,010.29 while the broad-based S&P 500 Index bounced 0.8% to 6,358.91.

The tech-focused Nasdaq Composite Index climbed 0.6% to 21,020.02.

The gains came after Trump announced on Tuesday that Washington had reached tariff agreements with Japan and the Philippines, and as officials signalled optimism in trade talks with the European Union.

German chancellor Friedrich Merz voiced optimism that EU and United States negotiators are making progress in talks to resolve a transatlantic trade row.

Several EU diplomats also said the bloc was examining a US proposal involving a baseline tariff of 15% and sectoral carve-outs still to be decided.

– Additional reporting AFP