The NZX 50 slipped 23 points, or 0.2%, to 13,591 in Friday morning trade, extending its losing streak to a fifth consecutive session and holding at its lowest level since July 2. The move followed an overnight decline on Wall Street, led lower by technology stocks.
Sentiment remained under pressure from persistently high oil prices, which have heightened inflation concerns and reinforced expectations of additional interest rate hikes. Traders were also cautious ahead of next Tuesday’s release of Q2 inflation data, with elevated energy costs in focus. RBNZ Chief Economist Paul Conway recently cautioned that stubbornly high inflation may necessitate further monetary tightening.
Some of the downside was limited by signs of easing food price pressures, after fresh data showed food inflation rising at its slowest pace in 16 months. Even so, healthcare, technology, and materials shares were the main drags on the benchmark. Notable decliners included Scott Technology (-1.2%), Ryman Healthcare (-0.9%), Summerset Group (-0.8%), and Briscoe Group (-0.4%).
For the week, the NZX 50 is on track for a 1.4% loss.
