New Zealand's share market fell 132 points, or 1.0%, to close at 13,722 on Monday, snapping gains from the previous session. The decline was led by weakness in consumer staples, real estate, consumer discretionary, and industrials.
Consumer staples dropped 3.9%, with A2 Milk sliding 5.7% after the company reported a 44% fall in net profit for the 12 months ended June. The profit slump was attributed to supply chain disruptions that weighed on sales of its China-label infant formula.
The broader index fell to its lowest level since July 21, mirroring Friday’s decline on Wall Street following weaker-than-expected economic data. Sentiment was further pressured by fresh figures showing a slowdown in New Zealand’s private sector growth in July.
Still, the market’s losses were tempered by some positive domestic indicators, including food inflation easing to a 19‑month low and a rebound in credit card spending.
Among other notable decliners were Freightways Group (-4.5%), ANZ Group (-2.4%), Mainfreight (-2.0%), Westpac Banking Corp. (-1.6%), and Fisher & Paykel (-1.2%).
