The NZX 50 index closed at 13,020 on Monday, down 161 points, or 1.2%. Although losses moderated from the heavier selling seen in morning trade, the benchmark still extended the previous session’s decline and finished at its lowest level since April 2.
Sentiment was weighed down by a slide in US futures after US President Trump announced plans for military action to block ships from Iranian ports, following unsuccessful peace talks. Investors were also cautious ahead of key economic data from China — New Zealand’s largest trading partner — with first-quarter GDP and trade balance figures due later in the week.
Domestically, New Zealand’s private sector recorded its sharpest contraction since August, driven largely by the services industry, which suffered its steepest decline in 10 months. Sector-wise, consumer staples led the sell-off, followed by healthcare and industrials.
A2 Milk slumped 12.6% after the company signalled it would cut its profit forecast, citing supply chain disruptions. Other notable decliners included Summerset Group (-2.4%), Fisher & Paykel (-2.3%), and Ebos Group (-1.3%).
