The NZX 50 slipped 30 points, or 0.2%, to close at 13,363 on Thursday, extending the previous session’s losses, with utilities, consumer discretionary, and industrial stocks leading the decline. The broader market followed Wall Street lower after the US Federal Reserve left interest rates unchanged but signaled the potential for further hikes later this year.
Sentiment was also weighed down by recent local data. New Zealand consumer confidence fell in Q2 to its lowest level since 2023, while the Q1 current account deficit widened compared with a year earlier.
However, the downside was limited by stronger-than-expected growth figures: New Zealand’s GDP expanded 0.8% quarter-on-quarter in Q1, and annual growth held steady at 1.5%. Market mood was further supported by reports that the US and Iran had digitally signed an interim peace agreement, which helped push oil prices lower and eased concerns about inflationary pressures.
Among the notable decliners were Mainfreight (-2.8%), AFT Pharmaceuticals (-1.7%), Westpac Banking Corp. (-1.6%), and South Port NZ (-1.1%).
