The NZX 50 fell 38 points, or 0.3%, to close at 13,025 on Thursday, extending its decline for a third straight session and hitting its lowest level since May 4. The downturn was led by weakness in the energy, consumer staples, and healthcare sectors.
Sentiment remained under pressure following Wednesday’s RBNZ quarterly survey, which signaled expectations of higher inflation, interest rates, and unemployment, alongside weaker growth over the coming year. Investor caution was also evident ahead of Friday’s releases of New Zealand’s food inflation figures and the manufacturing PMI.
Markets are additionally focused on the summit between US President Trump and Chinese President Xi Jinping, which begins today, amid hopes that progress could be made in easing trade tensions.
In corporate news, Air New Zealand slumped 5.8% after warning of its largest loss in four years, citing higher fuel costs linked to the crisis in the Middle East. Other notable decliners included A2 Milk (-3.7%), Mainfreight (-2.3%), and Turners Automotive Group (-2.3%).
