New Zealand's NZX 50 Index dropped nearly 1 percent on global trade
news, with Synlait Milk and Sky Network Television suffering while CBL
remained in a trading halt as its administrators gained more time to
consider its finances.
The NZX 50 fell 85.45 points, or 0.99 percent, to 8,515.36. Within the index, 39 stocks were down, seven were unchanged and four rose. Turnover was $106 million.
Global equity markets have fallen on concerns a trade war may emerge after US President Donald Trump announced tariffs on Chinese goods and China retaliated, announcing plans for reciprocal tariffs on 128 US products. At 5:20pm, Japan's Nikkei 400 was down 3.3 percent, the S&P/ASX 200 had dropped 2 percent and the Hang Seng was 2.8 percent lower.
CBL remained in a trading halt at $3.17. The company's voluntary administrators have postponed the creditors' watershed meeting to gather more information and hired Goldman Sachs as an adviser.
Auckland-based CBL appointed KordaMentha voluntary administrators on March 2 after the Reserve Bank sought an interim liquidation of its New Zealand supervised arm and the Central Bank of Ireland made a similar move against the insurer's European division.
The second meeting of creditors gives them the choice to resolve that a deed of company arrangement be executed, resolve that the administration should end, or appoint liquidators. It must be held by May 18, and KordaMentha must release a watershed report to creditors and the market by May 11.
The New Zealand dollar is headed toward a 0.1 percent weekly gain in the face of a broadly weaker greenback as investors fret about a possible trade war.
The kiwi traded at 72.24 US cents as at 5pm in Wellington from 72.35 cents yesterday and up from 72.15 cents in New York a week ago. The trade-weighted index was at 74.27 versus 74.24.
The kiwi dollar rose to 51.14 British pence from 51.08 pence and traded at 58.52 euro cents from 58.51 cents and rose to 4.5719 yuan from 4.5460 yuan. It traded at 75.64 yen from 76.45 yen late yesterday, as the yen benefited strongly from the flight to safe haven given the trade war jitters.
The kiwi rose to 93.61 Australian cents from 93.40 cents yesterday.
New Zealand's two-year swap rate eased 1 basis point to 2.22 percent and the 10-year swap rate fell 4 basis points to 3.10 percent.
The NZX 50 fell 85.45 points, or 0.99 percent, to 8,515.36. Within the index, 39 stocks were down, seven were unchanged and four rose. Turnover was $106 million.
Global equity markets have fallen on concerns a trade war may emerge after US President Donald Trump announced tariffs on Chinese goods and China retaliated, announcing plans for reciprocal tariffs on 128 US products. At 5:20pm, Japan's Nikkei 400 was down 3.3 percent, the S&P/ASX 200 had dropped 2 percent and the Hang Seng was 2.8 percent lower.
CBL remained in a trading halt at $3.17. The company's voluntary administrators have postponed the creditors' watershed meeting to gather more information and hired Goldman Sachs as an adviser.
Auckland-based CBL appointed KordaMentha voluntary administrators on March 2 after the Reserve Bank sought an interim liquidation of its New Zealand supervised arm and the Central Bank of Ireland made a similar move against the insurer's European division.
The second meeting of creditors gives them the choice to resolve that a deed of company arrangement be executed, resolve that the administration should end, or appoint liquidators. It must be held by May 18, and KordaMentha must release a watershed report to creditors and the market by May 11.
The New Zealand dollar is headed toward a 0.1 percent weekly gain in the face of a broadly weaker greenback as investors fret about a possible trade war.
The kiwi traded at 72.24 US cents as at 5pm in Wellington from 72.35 cents yesterday and up from 72.15 cents in New York a week ago. The trade-weighted index was at 74.27 versus 74.24.
The kiwi dollar rose to 51.14 British pence from 51.08 pence and traded at 58.52 euro cents from 58.51 cents and rose to 4.5719 yuan from 4.5460 yuan. It traded at 75.64 yen from 76.45 yen late yesterday, as the yen benefited strongly from the flight to safe haven given the trade war jitters.
The kiwi rose to 93.61 Australian cents from 93.40 cents yesterday.
New Zealand's two-year swap rate eased 1 basis point to 2.22 percent and the 10-year swap rate fell 4 basis points to 3.10 percent.
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