Brent Crude oil had fallen to US$90 a barrel but was back up to $95.38 at 6pm NZ time.<\/p>\n
Markets had already priced in a peace agreement between the US and Iran, with the two-week ceasefire due to expire on Wednesday.<\/p>\n
Wall Street<\/p>\n
On Wall Street, the S&P 500 increased nearly 4.5% last week and the tech-heavy Nasdaq Composite rose 6.6%, both hitting record highs, and Dow Jones Industrial Average was up nearly 3.2%.<\/p>\n
The US stock futures were pointing to a fall of more than 0.5% overnight.<\/p>\n
The local market\u2019s attention will switch to the latest economic data, with the release of the first-quarter consumers price index, NZIER quarterly survey of business opinion (QSBO), and the Reserve Bank\u2019s core inflation model.<\/p>\n
ASB expected a 0.8% increase in consumer prices for the three months ending March, with annual inflation at 2.9%. <\/p>\n
But that quarter doesn\u2019t take into account the full impact of the oil crisis and the Reserve Bank has forecast 4.2% inflation at the end of June.<\/p>\n
The QSBO is expected to show a decline in business confidence, following a strong lift in the final quarter of last year, with a net 39% of firms responding to better general economic conditions ahead. <\/p>\n
Local stocks<\/p>\n
Infratil increased 25c or 2.07% to $12.30; Gentrack gained 13c or 2.22% to $6.03; Blackpearl Group was up 3.5c or 3.87% to 94c; The Warehouse Group rose 3.5c or 4.73% to 77.5c; Delegat Group collected 13c or 3.23% to $4.15; and ikeGPS improved 5c or 4.81% to $1.09.<\/p>\n
Fonterra Co-operative decreased 12c or 2.55% to $4.59; Serko declined 7.5c or 4.23% to $1.70; Briscoe shed 9c or 2% to $4.41; and NZ King Salmon Investments fell 2c or 8.33% to 22c.<\/p>\n
In the property sector, Stride declined 4c or 3.36% to $1.15; Precinct was down 2.5c or 2.44% to $1; and Vital Healthcare Trust decreased 4c or 2.12% to $1.85.<\/p>\n
Channel Infrastructure, down 1c to $2.94, has confirmed the contrac<\/a>t with the Government to add 93m litres of diesel storage at its Marsden Point fuel terminal by the end of May, representing nine days of New Zealand diesel demand.<\/p>\n Channel said the contract was expected to deliver additional revenue of $8m this year but uncertainty in fuel demand remained and it retained the full-year operating earnings (ebitda) guidance of $95m-$100m.<\/p>\n Sullivan said the additional storage would be welcomed. Singapore has three main refineries and two of them have reduced throughput by 50% and 40%.<\/p>\n Genesis Energy, up 1c to $2.26, is going ahead with the second stage of its battery energy storage system programme at the Huntly Power Station, adding a further 200MWh capacity for a total of 400MWh \u2013 enough to power 120,000 homes for two hours.<\/p>\n Elsewhere in the energy sector, Meridian was up 11c or 1.99% to $5.65; Contact gained 6c to $9.39; and Mercury was down 10c to $6.45.<\/p>\n Fletcher sale<\/p>\n Fletcher Building gained 6c or 2.09% to $2.93 after receiving clearance from the NZ Overseas Investment Office and the Commerce Commission for the sale of its construction division to Paris-based Vinci.<\/a><\/p>\n The sale for at least $315.6m is expected to be completed by the end of June pending counter-party consents and restructuring conditions. Another $18.5m may be paid on the outcome of several potential contracts. <\/p>\n Scales Corp, up 7c to $5.99, told the market that the Netherlands Food and Consumer Product Safety Authority is investigating the operations of Esro Food Group, its joint venture partner in Esro Pet Food.<\/p>\n Scales said Esro Pet Food was not subject to the investigation and was a separate legal entity selling only to the pet-food market. <\/p>\n TradeWindow, down 0.002c to 19.3c, told the market its founder, AJ Smith, <\/a>has resigned because of illness. Chief operating officer Dewald van Rensburg will take over in an interim role.<\/p>\n