The NZX 50 slipped 16 points, or 0.1%, to close at 13,684 on Wednesday, following a flat performance in the previous session, as weakness in real estate, financials, industrials, and utilities weighed on the market. Sentiment was pressured by rising oil prices, which heightened concerns about inflation and the prospect of further interest rate hikes. Last month, the Reserve Bank of New Zealand lifted its cash rate by 25 bps to 2.75%, marking a second consecutive increase aimed at returning inflation to the 2% midpoint of its target range. Trading was also cautious ahead of the release of the FOMC minutes later this week.
Losses were partially offset by gains in technology, materials, and healthcare stocks. The decline was further limited by a positive lead from Wall Street, where the S&P 500 notched a new record high, supported by heavyweight technology shares. Notable laggards on the NZX 50 included South Port New Zealand (-3.0%), Freightways Group (-2.4%), Westpac Banking Corp. (-1.5%), Colonial Motor (-1.4%), EBOS Group (-1.2%), Mainfreight (-1.1%), and Infratil (-0.9%).
