The NZX 50 fell 52 points, or 0.4%, to 13,711 in Thursday morning trade, snapping the prior session’s gains and retreating from its highest level since July 9, reached just a day earlier. The move followed weakness in US futures after a negative session on Wall Street overnight, as investors turned cautious ahead of the upcoming earnings season for mega-cap technology companies.
Sentiment was further dampened by persistently elevated oil prices, which have reinforced inflation concerns and expectations of additional interest rate hikes. Earlier this month, the RBNZ raised its cash rate by 25 basis points, and data released on Tuesday showed New Zealand’s inflation rate in Q2 accelerated to its fastest pace since Q4 2023.
Healthcare, consumer staples, and industrials led the declines on the index. Notable early losers included Gentrack Group (-4.4%), Hallenstein Glasson (-1.0%), Ventia Services (-0.7%), Auckland International Airport (-0.6%), Fisher & Paykel (-0.5%), and Infratil (-0.4%).
