The NZX 50 slipped 19 points, or 0.2%, to 2,751 in Thursday morning trade, retreating from a modest gain in the previous session and hitting its lowest level since March 30. The decline was led by weakness in financials, utilities, and communication services, as sentiment turned cautious after the US Federal Reserve left interest rates unchanged.
Investors also weighed comments from RBNZ Governor Anna Breman on Wednesday, reiterating that the central bank remains focused on balancing inflation control with support for economic growth. Market participants looked ahead to the release of New Zealand’s April business confidence figures, after March registered the weakest reading since July 2024, as well as China’s PMI data later in the day, seen as key for gauging prospects in New Zealand’s largest trading partner.
Notable early decliners included Freightways (-1.4%), Mainfreight (-0.9%), Infratil (-0.8%), Delegat Group (-0.5%), and Hallenstein Glasson (-0.5%).
