The NZX 50 fell 124 points, or 0.9%, to close at 13,038 on Monday, snapping gains from the previous session and marking its lowest finish since May 25. The decline mirrored Friday’s weak performance on Wall Street, driven by a sharp selloff in semiconductor stocks.
Sentiment was further dampened by escalating geopolitical risk in the Middle East after Israel carried out retaliatory strikes on Iran, following Tehran’s attacks on northern Israel. Investors also remained cautious ahead of key macroeconomic releases this week, including US inflation data, China’s inflation and trade figures, and New Zealand’s business PMI.
Sector-wise, industrials, technology, utilities, and energy were the main drags on the index. Notable decliners included Freightways Group (-3.4%), Henderson Far East Income (-2.7%), Auckland International Airport (-2.5%), and Meridian Energy (-2.4%). Fletcher Building and Mainfreight each lost 1.9%, Contact Energy fell 1.3%, and Infratil slipped 1.2%.
