NZX50 falls for third day as Asian markets kick back into life

New Zealand’s S&P/NZX 50 index fell for a third session in a broadly stronger day across Asia, with South Korea’s Kospi recovering from Tuesday’s rout as investors tuned into the artificial intelligence trade turn their eye to Micron Technology’s upcoming result.

Meridian Energy was the biggest drag on the local bourse, with power companies on both sides of the Tasman broadly weaker as oil prices continued to ease since the US and Iran pursue a lasting ceasefire, while Spark New Zealand hit a new 15-year low as the Dow Jones Industrial Average prepares to drop Verizon Communications for Google-parent Alphabet.

Meanwhile, a mixed inflation reading from Australia’s Bureau of Statistics kept expectations for another rate hike across the Tasman intact, widening the gap with declining New Zealand government bond yields.

And Eroad shareholders backed the current board with the proxy votes at today’s contested annual meeting, while KMD Brands prepares to consolidate its increasingly large number of shares on issue to get out of penny stock status.