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Skellerup hit an all-time high on an earnings upgrade, but the New Zealand sharemarket was down a further 0.5% amid uncertainty in the Middle East.
The S&P/NZX 50 Index was in gradual decline for most of the day, then rose late and closed at 13,651.22, down 71.98 points, or 0.52%, after reaching an intraday low of 13,571.85.
Business confidence recovered in the June quarter, with a net 12% of firms expecting an improvement in general economic conditions, up from net 1% in the previous NZIER Quarterly Survey of Business Opinion.
A net 1% reported increased activity in the June quarter on a seasonally adjusted basis.
Motorists awoke this morning to petrol prices at the pump spiking about 10c a litre in some places after the United States launched a fresh wave of attacks on Iran.
President Donald Trump announced the US would reinstate its blockade of Iranian ports while vowing to charge a 20% tariff on all cargo shipped through the Strait of Hormuz.
The Government is seeking feedback on the second phase of its capital market reforms, honing in on issues like director and issuer liability.
“Our capital markets are not as deep as they could be, and the cost of capital is too high,” Commerce and Consumer Affairs Minister Cameron Brewer said.
Reserve Bank chief economist Paul Conway said there are upside risks to the central bank’s recent inflation forecasts as the situation continues to deteriorate in the Middle East.
In its recent monetary policy review,