New Zealand shares advanced slightly, while most Asian equities were flat amid market jitters over a potential escalation of the global trade war.
The S&P/NZX 50 Index rose 0.3%, or 41.10 points, to close at 12,917.45.
Distribution services drove the increase with a 3.9% rise, while industrial services stocks were the top losers with a 1.9% decline.
Elsewhere, Hong Kong's Hang Seng increased 0.6%, while the Shanghai SSE and Australia's ASX 200 were broadly flat. Japanese markets are closed for a holiday.
Overnight, the Nasdaq Composite climbed 1%, the S&P 500 rose 0.7%, and the Dow Jones Industrial Average advanced 0.4%.
US President Donald Trump signed executive orders imposing 25% tariffs on steel and aluminum imports, effective March 4, raising fears of further retaliatory tariffs from other countries.
In domestic news, supplier costs to New Zealand supermarkets rose 2.1% year on year in January, following a 2.2% increase in the prior month, according to the Infometrics-Foodstuffs New Zealand Grocery Supplier Cost Index report released Monday.
In corporate news, Argosy Property's (NZE:ARG) shares climbed 0.5% after the company disclosed lease agreements with two new tenants for a period of 12 and 10 years, respectively.
Comvita (NZE:CVT) on Monday flagged more accounting irregularities in its financial report for the fiscal year 2024, resulting in a further overstatement of net profit after tax of NZ$2 million. There were no changes to its guidance.
