The New Zealand share market opened modestly weaker on Wednesday after receiving a negative lead from Wall Street, where major US averages closed lower overnight over concerns about the financial health of European banks.
The benchmark NZX 50 index gave up 10.84 points or 0.34% to 3,163.30 shortly after the market opened on Wednesday. Meanwhile, the broader NZX All Capital index fell 10.95 points or 0.34% to be at 3,201.95.
New Zealand's share market managed a gain on Tuesday as the nation continued to recover from Saturday's earthquake. The benchmark NZX-50 index added 31.0 points or 1.0 percent to finish at 3.174.1. Trading volume was 51.6 million shares valued at NZ$101.7 million.
Overseas, US stocks fell by sharp margins to open the Labor Day-shortened week on Tuesday, as profit taking following last week's gains drove the major averages down off of their best closing levels in three weeks. Nonetheless, the pullback came on low volume, with many traders staying away from their desks following the three-day weekend.
With no first-tier economic data on the day, corporate news largely grabbed market headlines. The US markets also digested some key management shifts at a number of major firms.
Coca-Cola Enterprises, Inc. (CCE) moved moderately higher on the day after the largest bottler of Coca-Cola (KO) beverages raised its full year earnings outlook to a range of $1.78 to $1.82 per share. Earlier, the company had estimated earnings in the range of $1.73 to $1.77 per share.
Meanwhile, Idenix Pharmaceuticals, Inc. (IDIX) fell sharply after saying it received a verbal notice from the FDA placing a clinical hold on the company's IDX184 and IDX320 programs in hepatitis C virus-infected patients.
Beckman Coulter, Inc. (BEC) announced that its chairman, president and CEO Scott Garrett has resigned, while Robert Hurley was named the company's interim President and CEO.
Oracle Corp. (ORCL) also revealed that former Hewlett-Packard (HPQ) CEO Mark Hurd has been appointed as its co-president. However, HP has subsequently filed a lawsuit against Hurd based on conflict of interest.
Additionally, Barclays Plc (BCS) named Robert Diamond as its CEO, effective next year. Diamond will succeed John Varley, who intends to step down as CEO and from the Barclays Boards and the Group Executive Committee on March 31, 2011.
The major US averages saw some late-day volatility, ending near their session lows. The Dow fell by 107.24 points or 1 percent to end at 10,340.69, the Nasdaq declined by 24.86 points or 1.1 percent to 2,208.89 and the S&P 500 lost 12.67 points or 1.1 percent to close at 1,091.84.
Oil prices eased Tuesday amid a recovery in the dollar, but trimmed losses after reports of an explosion at a major refinery operated by Mexican oil giant Pemex sparked expectations of improved import demand for oil products from the nation.
October crude oil settled down $0.51 at $74.09 a barrel on the New York Mercantile Exchange, after trading as low as $72.63. The price of oil had touched a three-month low under $71 in late August, following a sharp plunge from around $83 a barrel early in the month.
On the currency front, the New Zealand dollar was buying US71.94c by 8 am on Wednesday. In comparison, the kiwi was buying US72.32c at 5pm on Tuesday.
In the early trading on the New Zealand stock market on Wednesday, market leader Telecom fell 0.94%, as second ranked Contact Energy gave up 0.52% and Fletcher Building, the third best stock, lost 0.86%.
In the retail sector, Hallenstein Glasson, clothing retailer Kathmandu Holdings, jewelry retailer Michael Hill International, Pumpkin Patch and Warehouse remained unchanged, as advanced 0.63% added 0.82%. Among energy stocks, TrustPower and Vector also remained unchanged in the early trading.
Among the dual listed issues, AMP, Australia and NZ Banking Corp, APN News & Media, Telstra and Westpac Bank remained unchanged in the early trading on Wednesday morning.
Among other notable stocks, Fisher & Paykel Appliances fell 1.85%, Fisher & Paykel Healthcare gave up 0.33%, Infratil lost 0.58%, Nuplex dropped 0.59%, New Zealand Refining Company slipped 0.31%, Sky City plunged 3.37% and Steel & Tube Holdings collected 0.42%, as Mainfreight, New Zealand Oil & Gas, NZ Farming Systems and Sky Network Television remained unchanged.
Meanwhile, Air new Zealand plunged 4.44%, ING Medical Properties Trust added 0.82%, ING Property Trust surged 1.41%, Property for Industry fell 0.87%, Pike River Coal dropped 0.91% and Tower fell 1.06%, as Cavalier, Goodman Property Trust, NZX Limited, PGG Wrightson, Rakon and Restaurant Brands remained unchanged.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.