The NZX 50 fell 86 points, or 0.7%, to close at 12,826 on Wednesday, giving up earlier gains after advancing in the previous session. Investors stayed cautious ahead of next week’s Reserve Bank of New Zealand policy meeting, as the ongoing war continued to cloud the global outlook. Sentiment was further dampened by weaker Chinese factory activity, a concern given China’s role as New Zealand’s largest trading partner.
Losses were limited, however, by a rise in U.S. equity futures after all three major Wall Street indices rallied in the regular session on renewed hopes of de-escalation in the Middle East. Consumer staples, utilities, and real estate led the local declines, while gains in energy, materials, and industrials helped cushion the downside.
The session’s notable laggards included Infratil (-3.8%), Ryman Healthcare (-2.8%), A2 Milk (-2.7%), Delegat Group (-1.6%), and Fisher & Paykel Healthcare (-0.8%).
