21.10.202504:29:02UTC+00New Zealand Shares Extend Gains

The S&P/NZX 50 index experienced a 0.3% increase, closing at 13,378 on Tuesday, continuing the upward trend from the prior session. Scott Technology was at the forefront of this upward movement, with the smart automation and robotics solutions company surging nearly 12% to achieve its highest price point in over a year and a half after announcing impressive earnings, seeing a 19% year-over-year rise in EBITDA for fiscal 2025. Other significant gainers in the market included Being AI Limited, which rose by 10%, and key energy companies such as Meridian Energy, which climbed 1.9%, and Contact Energy, increasing by 1.6%. Market sentiment also improved due to indications of diminishing US–China trade tensions, as officials prepared to meet this week in advance of an anticipated discussion between President Trump and President Xi. Furthermore, a White House economic adviser indicated that the US government shutdown might be resolved within this week. On the economic data front, New Zealand reported its third consecutive monthly trade deficit in September, with the deficit widening to its largest extent during this period, driven by imports exceeding exports.