New Zealand shares slipped 21 points, or 0.2%, to 13,649 in early Friday trading, giving back the previous session’s gains after Wall Street ended mostly lower overnight, with a decline in Nvidia weighing on chip-related stocks. The pullback also reflected profit-taking after the NZX 50 reached a five-week high.
Fresh data showed both business and consumer confidence weakened in February, underscoring ongoing soft spots in the domestic economy. Investor caution was further reinforced ahead of February PMI releases from China, New Zealand’s largest trading partner.
Healthcare and energy minerals led the declines, though losses were partially offset by strength in technology services and retail. Among notable underperformers were Genesis Energy (-2.1%), Summerset Group (-1.3%), and Fisher & Paykel Healthcare (-0.5%).
Despite the modest retreat, the market remains on track for a second consecutive weekly gain, with monthly performance up about 1.6% so far. Sentiment has been supported by central bank signals of a more accommodative policy stance and projections that inflation will return to the midpoint of the target range over the coming year.
