FX.co ★ New Zealand Shares Slip 1% on Monday

On Monday, New Zealand's leading S&P/NZX 50 index fell by 1.2%, closing at 12,629. This marked the index's second consecutive drop, primarily affected by downturns in the health and non-energy mineral sectors. Market sentiment was negatively influenced by newly released data indicating continued contraction in the service sector for April. Additionally, there were signs of renewed inflationary pressures as producer prices rose by 2.1% in the first quarter, the most significant increase in nearly three years. Traders also responded to mixed economic data from China, New Zealand's top trading partner. April's slowdown in Chinese retail sales pointed to weak consumer demand, potentially threatening Kiwi exports. However, these concerns were somewhat alleviated by stronger-than-expected industrial production figures and a reduction in unemployment. In the health sector, share prices suffered with Fisher & Paykel down by 3.1%, Ebos Group dropping 1.5%, Summerset Group falling 3%, and Ryman Healthcare losing 2%. In the non-energy minerals sector, Fletcher Building prominently underperformed, with a decline of over 4%.