FX.co ★ New Zealand Stocks Close 1% Lower

On Thursday, the S&P/NZX 50 index in New Zealand experienced a 1% decline, closing at 13,432. The downturn impacted nearly all sectors, with health technology and utility stocks suffering significantly. Notable companies such as Fisher & Paykel decreased by 1.7%, Ebos Group by 2.3%, Meridian Energy by 1.9%, Contact Energy by 1.5%, and Mercury NZ by 1.55%. The market seemed unfazed by remarks from Christian Hawkesby, the Reserve Bank of New Zealand's Governor, who indicated that the economy appears to be expanding in the latter half of the year, with demand reaching a more stable level. Supporting this positive outlook, data revealed a faster-than-anticipated rise in retail sales for the third quarter, alongside a substantial increase in business confidence, which climbed to its highest level in 11 years as of November. Meanwhile, the RBNZ announced the appointment of Rodger Finlay as the new board chair.