Vulcan Steel led the local share market higher as the steel products maker's projected turnaround later this helped it bounce back from the tariff-induced jitters of Monday.
The S&P/NZX 50 index rose 41.1 points, or 0.3%, to 12,917.45, outperforming much of Asia as US President Donald Trump’s latest round of tariffs on steel and aluminium imports weighed across the region. Turnover across the main board was $111.6 million.
Local steel products maker Vulcan shrugged off some of that negativity, snapping four days of declines as it rose 4% to $7.90, leading the benchmark index higher.
Vulcan slashed its interim dividend by almost three quarters as first-half profit more than halved in what it described as a challenging and variable market. In saying that, Vulcan pre-sales activity and the prospect of lower interest rates indicated a pick-up in volumes in the June or September quarters of 2025.
Steel & Tube Holdings also gained, rising 3.6% to 86 cents, while Fletcher Building increased 0.7% to $3.01.
General insurer Tower advanced 3.6% to $1.435 after the firm’s shareholders approved a $45 million capital return at today’s annual meeting in Auckland, which was chief executive Blair Turnbull’s swansong before he moves to head Milford Asset Management.
Still no deal
Millennium & Copthorne Hotels New Zealand extended its rally after its independent directors yesterday encouraged minority shareholders to reject a $2.25 per share offer from cornerstone owner City Developments Ltd. The shares rose 1.3% to $2.29.
Gold futures prices remained above US$2,900 an ounce, supporting would-be miner Santana Minerals, as it climbed 6.5% to 66 cents.
Utilities software developer Gentrack posted the biggest drop on the NZX50, falling 4.1% to $12.50 in its third straight decline.
Sky Network Television decreased 2.6% to $2.60 after losing exclusive rights to ESPN, with Disney+ to start streaming the sports coverage in the coming months.
Stock market operator NZX fell 2.6% to $1.49.
The kiwi dollar drifted through the local session, trading at 56.42 US cents at 5pm in Auckland from 56.50 cents at 6am and 56.60 cents yesterday. It traded at 89.95 Australian cents from 90.27 cents yesterday.
Reporting by Paul McBeth. Image from Ant Rozetsky on Unsplash.
