The NZX 50 fell 62 points, or 0.5%, to close at 12,990 on Friday, its second consecutive loss and the lowest finish since early September. The index also logged a third straight weekly decline, down 1.5%, as signs emerged that New Zealand’s economic recovery is coming under strain.
GDP expanded just 0.2% qoq in Q4, well below the central bank’s 0.5% forecast and sharply slower than the 1.1% growth recorded in Q3. The data highlighted the impact of elevated interest rates and persistent cost pressures. Trade figures further weighed on sentiment: in February, imports jumped 12% yoy, while exports rose a modest 0.4%.
Some downside was limited by reports that the government in Wellington is considering measures to ease the burden on households from cost increases linked to tensions in the Middle East.
Losses were broad-based across sectors, led by logistics, non-energy minerals, and healthcare. Among the notable decliners were Turners Automotive (-2.3%), Delegat Group (-2.2%), Third Age Services (-2.0%), and Fisher & Paykel Healthcare (-1.9%).
