New Zealand shares slipped 39 points, or 0.3%, to 13,937 in Thursday morning trading, as investors locked in profits after the benchmark logged a third consecutive record close. The local market followed Wall Street lower after the Federal Reserve left interest rates unchanged, while an ongoing selloff in chipmakers continued ahead of key US tech earnings.
Sentiment was further pressured by rising oil prices, which stoked concerns that renewed inflation risks could revive expectations of another rate hike. Investors were also awaiting the release of New Zealand’s July business confidence figures later in the day, after confidence hit a four-month high in June, as well as China’s PMI data due on Friday.
Losses were led by financials, communication services, and utilities. Early decliners included Infratil (-1.1%), Scales Corporation (-0.8%), and ANZ Group (-0.5%), while Westpac Banking Corporation, Mainfreight, and Ebos Group each edged down 0.3%.
