The NZX 50 fell 78 points, or 0.6%, to 13,750 on Tuesday, snapping a three-session winning streak, with declines led by industrials, energy, materials, technology, and communication services. The local market followed a weaker Nasdaq on Wall Street overnight, where technology stocks weighed on sentiment. Investors also kept a close eye on the conflict in the Middle East and on oil price movements, amid reports of Russian diesel exports.
Caution increased ahead of the release of New Zealand food inflation figures and business PMI data later this week. Traders were also awaiting key US inflation data for signals on the Federal Reserve’s next interest rate decision, as well as China’s September CPI, PPI, and trade data, against a backdrop of subdued domestic demand and higher oil prices.
Notable decliners included Chorus (-3.3%), Auckland International Airport (-2.8%), Skellerup Holdings (-2.3%), Vista Group International (-2.1%), Freightways Group (-1.8%), and Summerset Group (-1.3%).
