New Zealand shares slipped 26 points, or 0.2%, to 13,799 in Friday morning trading, giving back some of the previous session’s gains as growth in the manufacturing sector slowed in July.
Fresh data showed factory activity expanding for the 21st consecutive month, but at a more moderate pace, with all sub-indices growing more slowly. Caution also prevailed ahead of upcoming food inflation figures, private-sector data, and China’s interest rate decision due next week.
Losses were limited by a positive session on Wall Street overnight, as expectations eased for a Federal Reserve interest rate hike at its next meeting. Materials, healthcare, and financials were the main drags on the local market. Notable decliners included Westpac Banking Corp. (-0.8%), Fisher & Paykel (-0.7%), ANZ Group (-0.6%), and Chorus (-0.5%).
For the week, the index is on track for a 0.1% decline, following a rise in the previous week.
