NZX50 snaps 3-day gain as Meridian slides

New Zealand’s S&P/NZX 50 index snapped a three-day gain with Meridian Energy the biggest drag on the benchmark after the country’s biggest electricity generator delivered first-half earnings largely in line with expectations as Mother Nature played ball.

Ebos Group gave back earlier gains as investors looked past the healthcare products maker’s revenue gains to its shrinking margins, while apple exporter Scales Corp dipped after meeting its recently upgraded earnings guidance and Steel & Tube Holdings tumbled after hitting the brakes on merger and acquisition activity as it continues to clamp down on costs.

New Zealand tech stocks were mixed after the Nasdaq’s rally on Wall Street extended into Asia, with Australia’s WiseTech Global surging on aggressive job cuts as it embraces new artificial intelligence agents to replace those people.

And futures markets took a softly-softly approach to US President Donald Trump’s record-long state of the union address, where he touted his economic agenda and focus on affordability, and warned of a military strike on Iran if the Middle Eastern nation didn’t accede to curbing its nuclear ambitions.