The NZX 50 fell 50 points, or 0.4%, to close at 13,446 on Monday, reversing its early strength and giving back gains from the previous session, as weakness in energy, consumer discretionary, and technology stocks weighed on the market. The benchmark pulled back from its highest level since March 6, reached on Friday, even as consumer staples finished 0.8% higher after having surged more than 5% in early trade.
The sector’s advance moderated as A2 Milk closed up 1.7%, sharply below its intraday jump of more than 11% after the company secured highly sought‑after regulatory approval from Chinese authorities to produce infant formula at its Pokeno facility.
Softer oil prices helped cap the broader market’s losses, supported by reports of progress in peace talks between the US and Iran. Major decliners included Gentrack Group (-4.9%), Channel Infrastructure (-2.2%), South Port NZ (-1.6%), Contact Energy (-1.4%), Mercury NZ (-1.4%), Henderson Far East Income (-1.1%), Hallenstein Glasson (-1.0%), and Mainfreight (-0.8%).
