The NZX 50 declined 35 points, or 0.3%, to finish at 13,401 on Wednesday, marking a third straight session of losses, led primarily by declines in communication services, utilities, and healthcare stocks. The local market mirrored overnight weakness on Wall Street, where a sharp sell-off in chipmakers weighed on sentiment.
Investors also remained cautious ahead of key US data releases later this week, including the final estimate of Q1 GDP and the May PCE Price Index, both of which could influence expectations for the Federal Reserve’s next policy move after it kept interest rates on hold last week.
Softer oil prices helped cap the market’s downside by easing some inflation worries. Among the weakest performers were Meridian Energy (-2.5%), Summerset Group (-2.3%), Hallenstein Glasson (-1.4%), and F&C Investment Trust (-1.1%). Chorus and Contact Energy each slipped 0.8%, while Ebos Group edged down 0.6%.
