The NZX 50 fell 131 points, or 1.0%, to close at 13,580 on Friday, reversing early gains, extending the previous session’s losses, and hitting its lowest level since June 29. The decline tracked a weak overnight performance on Wall Street, driven by a jump in US Treasury yields and higher oil prices.
Investors remained cautious ahead of US inflation data due later in the day, seeking guidance on the Federal Reserve’s policy decision next week. Sentiment was also subdued in the lead-up to the release of New Zealand’s Q2 GDP and a raft of Chinese economic indicators next week, with China being New Zealand’s largest trading partner.
On the domestic data front, New Zealand’s manufacturing sector expanded at a slower pace in August. Nearly all sectors finished in negative territory, led by materials. Notable decliners included Fisher & Paykel (-1.8%), Freightways Group (-1.6%), Auckland International Airport (-1.3%), A2 Milk (-1.2%), Infratil (-1.2%), and Meridian Energy (-1.1%).
For the week, the NZX 50 dropped 2.8%, reversing gains from the previous week.
