FX.co ★ New Zealand Stocks Close Slightly Higher

On Monday, New Zealand's S&P/NZX 50 index showed a modest increase of 0.1%, closing at approximately 12,128. This uptick was tempered by apprehension concerning potential US reciprocal tariffs, which impacted the performance of distribution services and utility stocks. Reports indicate that President Donald Trump is preparing to announce these tariffs on April 2, a day coined as "Liberation Day." These tariffs are intended as a form of "retribution" for those imposed by US trade partners. Yet, Trump's hints at possible "flexibility" in applying these tariffs have nurtured optimism for a more targeted execution, potentially soothing market anxieties. Among those benefitting, Steel & Tube saw an increase of over 1%, while Meridian Energy, Mercury NZ, and Contact Energy advanced by 2.3%, 0.7%, and 0.9%, respectively. Conversely, Synlait Milk experienced a significant slump, dropping almost 11%, despite posting fiscal half-year earnings of NZ$0.0101 per diluted share, which was a recovery from the prior year's loss of NZ$0.4402.