The NZX 50 slipped 33 points, or 0.3%, to finish at 13,393 on Wednesday, wiping out the previous session’s gains as investors stayed cautious ahead of New Zealand’s Q1 GDP release and the US Federal Reserve’s policy decision. Sentiment was further dampened by fresh domestic data showing New Zealand’s consumer confidence fell in Q2 to its lowest level since 2023, pressured by higher fuel and other living costs, while the Q1 current account deficit widened from a year earlier.
The benchmark index pulled back from its highest close since March 6, reached on Tuesday, echoing overnight weakness on Wall Street where the Nasdaq and S&P 500 retreated amid a selloff in AI-linked shares. Losses were broad-based, led by technology, materials, utilities, financials, and communication services. Notable decliners included Delegat Group (-2.6%), Hallenstein Glasson (-2.5%), and Mainfreight (-2.0%), while Ebos Group, Infratil, and Summerset Group each slipped 1.3%, and ANZ Group eased 0.9%.
