New Zealand shares dropped Tuesday while Asian equities traded mixed as investors weighed looming tariffs that US president-elect Donald Trump threatened to impose on China, Mexico, and Canada.

The S&P/NZX 50 Index fell 0.6%, or 82.89 points, to close at 13,113.19 but hit a fresh 52-week high during the session.

Communications, non-energy minerals, and health technology stocks were the biggest losers as equities declined nearly 3% in each segment.

Trading among Asian peers was a mixed bag, with the Shanghai SSE and Hong Kong's Hang Seng up 0.4% and 0.5%, while Japan's Nikkei 225 lost 1.5%.

Markets are weighing heightened geopolitical tensions after Trump vowed to order a 25% tariff on all goods exports from Mexico and Canada once he assumes office next year. He also plans to impose an additional 10% tariff on China until Beijing halts the smuggling of fentanyl to the US.

In domestic news, the Reserve Bank of New Zealand is poised to slash its interest rates further at its Wednesday meeting.

In corporate news, Gentrack Group (NZE:GTK, ASX:GTK) hit an all-time high Tuesday after it reported a nearly 26% surge in fiscal 2024 revenue to reach NZ$213.2 million, topping the Visible Alpha consensus of NZ$203.7 million.

Elsewhere, Spark New Zealand (NZE:SPK, ASX:SPK) appointed Stewart Taylor as chief financial officer, effective Dec. 9. The telecommunications and digital services company shed 4%.

Channel Infrastructure NZ (NZE:CHI) gained over 1% after it raised NZ$22.5 million via the institutional offer and bookbuild components of its 1-for-12.12 underwritten pro-rata accelerated renounceable entitlement offer.