Matt Goodson, managing director of Salt Funds Management, said it was \u201ca surprising reaction by our market given there was no good news on Iran. The share price movements were random \u2013 they were head scratchers.<\/p>\n
\u201cI think the markets are becoming more sceptical of what US President Donald Trump is saying, and constantly shifting his series of ultimatums.<\/p>\n
\u201cThe risk is if the US does engage in a major attack, then Houthis (northern Yemen rebel group and Iran ally) could close the Red Sea as well,\u201d Goodson said.<\/p>\n
Trump has demanded that Iran reopen the Hormuz Strait or else the US will bomb the bridges and power plants in Iran. \u201cIt will take them 100 years to rebuild.\u201d<\/p>\n
The ANZ World Commodity Price Index rose 4.1% in March, the second-highest month on record, with only March 2022 higher following the Russian invasion of Ukraine.<\/p>\n
ANZ said the Middle East conflict drove most commodity prices higher, except horticulture, which was between seasons.<\/p>\n
Dairy prices in March rose 5.9% as importers increased purchases to secure supplies; meat and fibre were up 2.4%, and aluminium prices rose 9.8%.<\/p>\n
Local stocks<\/p>\n
Market leader Fisher & Paykel Healthcare led the way, rising $1.39 or 3.79% to $38.09 on trade worth $12.14m.<\/p>\n
Other stocks rebounding from recent weakness included Mainfreight, up $2.12 or 3.59% to $61.11; Freightways, gaining 26c or 2.09% to $12.70; Ebos Group, increasing 35c to $23.35; and Skellerup, rising 29c or 5.58% to $5.49.<\/p>\n
Meridian Energy was up 11c or 2.02% to $5.56; Vector gained 8c to $4.86; Spark improved 5c or 2.4% to $2.13; Tower collected 4.5c or 2.37% to $1.94; and Hallenstein Glasson added 24c or 2.42% to $10.14.<\/p>\n
Port of Tauranga gained 16c or 2.03% to $8.05; Vulcan Steel increased 25c or 3.76% to $6.90; Air NZ rose 2c or 4.6% to 45.5c; and Property for Industry was up 5c or 2.27% to $2.25.<\/p>\n
In the technology sector, Vista Group rose 8.5c or 5.18% to $1.72, and ikeGPS increased 4.5c or 4.92% to 96c.<\/p>\n
Summerset Group, up 3c to $8.93, reported 365 sales in the quarter ending March<\/a>, with 177 new, an increase of 34%, and 188 resales, a gain of 19%, compared with the same period last year. Sales contracts increased 13% over the last four weeks.<\/p>\n The retirement village operator said it was on track to build a further 650-700 homes in NZ and 100-150 in Australia this year.<\/p>\n The dual-listed banking groups ANZ and Westpac were up $1.14 (2.59%) to $45.19 and $1.10 (2.28%) to $49.30, respectively.<\/p>\n Infant formula supplier a2 Milk was down 14c to $11.26 after telling the market it has settled a shareholder class action<\/a> with a payment of A$62m (NZ$75m), met with available insurance proceeds and had no impact on full-year 2026 earnings.<\/p>\n The proceedings in the Victorian Supreme Court began in late 2021 and related to a2 Milk\u2019s disclosures and earnings guidance for the 2021 financial year. The company said it made no admission of liability in reaching the settlement.<\/p>\n AFT Pharmaceuticals increased 14c or 4.17% to $3.50 after telling shareholders in a March quarter investor update that full-year 2026 sales would be a record following double-digit growth<\/a> across all markets, and it confirmed operating earnings guidance of $20m-$24m.<\/p>\n AFT said it was on track for $300m revenue in the 2027 financial year, and had signed a new partnership for pain relief Maxigesic tablets in the US with Cost Plus, a pharmacy chain backed by billionaire Mark Cuban.<\/p>\n Carpet maker Bremworth declined 9.5c or 12.1% to 69c after telling the market an extension past July 1 was required<\/a> for its scheme of arrangement with US flooring company Mohawk Industries.<\/p>\n This followed the NZ Commerce Commission\u2019s move to extend its decision on the statement of unresolved issues to May 29.<\/p>\n KMD Brands fell 1.3c or 14.77% to 7.5c as its retail rights offer opened at 6c a share and closed on April 16.<\/p>\n Other decliners were Synlait, down 1.5c or 3.41% to 42.5c; Napier Port, shedding 7c or 2.03% to $3.38; and Briscoe, decreasing 8c or 1.77% to $4.45. <\/p>\n