The NZX 50 slipped 20 points, or 0.1%, to close at 13,561 on Monday, giving up its early gains, extending losses from the previous session, and marking its lowest close since June 26. The move tracked a decline in US stock futures amid renewed concerns over AI safety and a sharp rise in oil prices.
Sentiment was cautious ahead of New Zealand’s Q2 GDP release later this week, with markets expecting a slowdown in quarterly growth. Investors were also on edge before a batch of key economic data from China, New Zealand’s largest trading partner, and the upcoming Federal Reserve policy meeting.
Fresh domestic data helped limit the downside, showing New Zealand’s private-sector activity remained solid in August. Services activity grew at its fastest pace in eight months, partly offsetting a moderation in manufacturing growth.
Sector-wise, financials, communication services, and industrials were the main drags on the benchmark. Notable decliners included Infratil (-2.8%), Briscoe Group (-2.3%), Mercury NZ (-2.1%), Freightways Group (-1.5%), and Mainfreight (-0.5%).
