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New Zealand shares closed higher on Friday while most Asian markets saw losses after Thursday’s Wall Street sell-off.
The S&P/NZX 50 gained 0.4%, or 57.50 points, to close at 13,749.35.
Overnight, the Nasdaq Composite fell 1.3%, the S&P 500 lost 0.5%, while the Dow Jones managed to add 0.1%.
In domestic news, energy has emerged as one of the top worries for firms in New Zealand, with more than two-thirds of local businesses voicing concerns over current and future energy costs, according to ASB Bank’s latest business survey.
Also, consumer prices in New Zealand are now expected to rise 1.1% in the December quarter, which would see annual inflation hitting a three-year high of 4.2% by the end of the year, Westpac said.
In company news, Rua Bioscience (NZE:RUA) will import, distribute, and sell PharmAla Biotech’s pharmaceutical-grade LaNeo MDMA in New Zealand under a new distribution and license deal between the companies.
General Capital (NZE:GEN) sold its wholly owned subsidiary Investment Research Group (IRG) to Chief Executive Brent King for NZ$36,492 as part of arrangements related to his planned retirement on June 30, 2027.