New Zealand stocks fall as manufacturing growth eases
New Zealand stocks fell 26 points, or 0.2%, to 13,799 in Friday morning trade as July manufacturing growth eased and traders awaited food inflation, private-sector data, and China’s rate decision.
New Zealand's stocks fell 26 points, or 0.2%, to 13,799 in Friday morning trade, after gaining in the previous session, as manufacturing sector growth eased in July.
The latest data showed New Zealand's factory activity grew for the 21st consecutive month, though at a softer rate, as all of the sub-indices expanded at a slower pace.
Traders were also cautious ahead of food inflation data and private-sector figures, as well as China's interest rate decision due next week.
However, an upbeat session on Wall Street capped the fall overnight amid easing expectations of a Fed interest rate hike at its upcoming meeting.
Materials, healthcare, and financials mainly weighed on the index, with the biggest laggards being Westpac Banking Corp. (-0.8%), Fisher & Paykel (-0.7%), ANZ Group (-0.6%), and Chorus (-0.5%).
For the week, the index is heading for a 0.1% fall, after rising in the previous week.