NZX50 misses out on optimism over Iran conflict; a2 Milk extends decline

New Zealand’s S&P/NZX 50 index missed out on the improving mood across Asia, with the local benchmark edging lower as heavyweights Meridian Energy and Infratil dipped and a2 Milk Co extended its fall after its profit warning on Monday.

Australia’s stock market was among those gaining in late trading, shrugging off Westpac Banking Corp’s warning that the Middle East conflict knocked its markets division and Qantas Airways paring back its domestic capacity in the face of rising fuel costs.

The Accident Compensation Corp’s investment arm followed up yesterday’s notice of being a substantial investor in Michael Hill International with an increased holding of KMD Brands to almost 12% after taking part in the retailer’s steeply discounted capital raising.

Meanwhile, ASX-listed Cuscal halted trading of its shares across the Tasman to raise funds for its A$27 million purchase of New Zealand’s biggest electronic payments network, Paymark, which has been trading as Worldline.