The NZX 50 fell 102 points, or 0.7%, to close at 13,652 on Monday, extending the previous session’s losses and marking its lowest finish since September 16. The benchmark mirrored Friday’s weakness on Wall Street, where a continued sell-off in technology stocks weighed on sentiment.
Investors remained cautious ahead of this week’s release of Q3 inflation figures, which are expected to shape the Reserve Bank of New Zealand’s next interest rate decision. Market mood was further dampened by fresh trade data showing a sharply wider deficit in September, as imports grew faster than exports.
The downside was partially contained by stronger private sector data, with September activity rising to a three-month high. Robust economic indicators from China and easing expectations of further US Federal Reserve rate hikes also helped limit losses.
Sector-wise, financials, communication services, and energy exerted the most pressure on the index. Among the worst performers were Infratil (-5.1%), Chorus (-3.1%), Colonial Motor (-2.7%), Mainfreight (-2.5%), and EBOS Group (-2.3%).
