New Zealand shares slipped 64 points, or 0.5%, to 13,699 on Friday, extending the previous session’s decline as investors continued to lock in profits after the benchmark index notched a third consecutive record high. The pullback was led primarily by weakness in communication services, consumer staples, and real estate stocks.
A rebound in global technology shares failed to lift the market, as sentiment was dampened by news of a contraction in China’s manufacturing sector—significant given China’s role as New Zealand’s largest trading partner. Caution also prevailed ahead of next week’s release of domestic unemployment figures.
Losses were partially contained by supportive macro data. New Zealand’s consumer confidence rose to a five-month high, while easing oil prices helped alleviate inflation concerns and curb expectations of further interest rate hikes.
Notable decliners included A2 Milk (-2.6%), Ryman Healthcare (-2.3%), Chorus (-2.0%), and Ebos Group (-1.0%). For the week, the benchmark index edged down 0.2%, but still recorded a 0.6% gain for the month, marking its sixth straight monthly advance.
