The NZX 50 slipped 10 points, or 0.1%, to close at 12,874 on Friday, holding at its lowest level since April 1 after a flat morning session. The benchmark fell for a second consecutive day, tracking overnight declines on Wall Street amid a stalemate in US–Iran ceasefire negotiations.
Market sentiment was further dampened by worries about a slower economic recovery, as the conflict in Iran drove up fuel costs and eroded both business and consumer confidence. Adding to the pressure, Moody’s on Wednesday revised New Zealand’s credit outlook to negative from stable, following a similar move by Fitch Ratings in March.
Losses were led by technology and financial stocks. Notable decliners included Scales Corporation (-1.5%), Infratil (-1.3%), Briscoe Group (-1.1%), Skellerup Holdings (-0.9%), and Fisher & Paykel Healthcare (-0.7%).
For the week, the NZX 50 eased 0.2%, logging a second straight weekly decline as higher oil prices, driven by the Iran conflict, continued to weigh on the market.
