New Zealand’s benchmark S&P/NZX 50 fell 0.6% to close at 13,277 on Tuesday, marking its third consecutive session of losses, as most key sectors were in the red. Heavyweight financials led the decline, with Precinct Properties dropping nearly 7% after announcing an equity raising to fund growth. Its peers Westpac Banking and Kiwi Property also fell 1.9% and 3.2%, respectively. Other notable laggards included Vector (-3%), Napier Ports (-3%), Mercury NZ (-2.4%), and Vista Group (-2.3%). On the upside, Scott Technology surged more than 14%, hitting its highest level in nearly one and a half years, following news that its automation and robotics unit secured new contracts with appliance makers in the US and Brazil. Meanwhile, traders kept a close eye on US-China trade developments, as both sides signaled readiness to resume talks ahead of a possible meeting between Presidents Trump and Xi.
