New Zealand shares muted; Australia closed for holiday

Skycity Entertainment

09/06/2025 06:42

NZ muted on lack of stimulus from Australia

Australia closed for King's Birthday

SkyCity rises over 5%

Global markets wary of U.S.-China trade meetings

Updates to close

By Adwitiya Srivastava

June 9 (Reuters) - New Zealand shares were little changed on Monday as investors stayed cautious ahead of a key U.S.-China trade meeting in London, with overall trading subdued due to a market holiday in Australia.

New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.2% to finish the session at 12,539.26 points, as markets had their eyes peeled for developments in the British capital.

Trade representatives from the U.S. and China will meet for talks later in the day to thrash out high-stakes trade disputes, which have recently flared up.

Activity in the local bourse was further suppressed due to the absence of flows from Australia, where markets were closed in observance of the King's birthday.

Markets in New Zealand are quiet, with just regular order flows taking place particularly due to lack of offshore stimulus from Australia, said Grant Williamson, an investment advisor at Hamilton Hindin Greene.

Casino operator SkyCity Entertainment Group SKC.NZ rose over 5% to emerge as the top gainer on the benchmark after the company filed proceedings against Fletcher Building FBU.NZ last week for delays in completing works at the New Zealand International Convention Centre (NZICC).

Analysts at Morningstar said the potential claim of over NZ$330 million ($199.09 million) in damages added upside for SkyCity, while seeing capital intensity for the company easing materially from fiscal 2026.

Separately, data from Statistics New Zealand showed  manufacturing sales volumes rose in the first quarter, with volumes for dairy and meat products, the country's biggest export earners, rising about 4.1%.

($1 = 1.6576 New Zealand dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)

 ((Adwitiya.Srivastava@thomsonreuters.com))

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