New Zealand's primary S&P/NZX 50 index experienced a slight decline of 0.1%, closing at 13,327 on Wednesday. This marks a continuation of losses from the previous session, bringing the index to its lowest point in nearly four weeks. The local market's performance reflected a broader cautious sentiment observed in most Asian equity markets, amid ongoing concerns about tech stock valuations. These apprehensions emerged just ahead of an earnings update from AI leader Nvidia, anticipated later today.
Leading the declines was New Talisman Gold Mines, which plummeted 23.1% after disclosing operational difficulties at its Mystery Vein site. The company pointed to the challenges posed by narrow portals and limited accessways that have hampered material transport. Nevertheless, the firm announced it had sent out its first gold shipment in 80 years. Among other significant decliners were Contact Energy, falling by 1.8%, Mercury NZ, down 1.1%, Chorus, dropping 1.5%, and Kiwi Property, which slipped by 0.5%. However, these losses were partially mitigated by gains in the health sector, which lent some support to the index.
