The NZX 50 fell 33 points, or 0.3%, to close at 13,361 on Monday, reversing early gains and wiping out the prior session’s advance amid weaker-than-expected economic data. Fresh figures showed New Zealand’s private sector activity contracting at the fastest pace in 11 months, with services shrinking for a fourth consecutive month and manufacturing posting its first decline in 11 months. Investor sentiment was also cautious ahead of New Zealand’s Q1 GDP release and the US Federal Reserve’s upcoming monetary policy decision.
The benchmark index pulled back from its highest close since March 6, hit in the previous session, weighed mainly by losses in healthcare, utilities, and communication services. Downside pressure was partially offset by stronger New Zealand card spending data, which showed a rebound in May. Notable decliners included Fisher & Paykel (-3.3%), Meridian Energy (-2.5%), Ebos Group (-1.7%), Freightways Group (-1.5%), and Contact Energy (-1.4%).
