New Zealand stocks fall 0.7% as consumer shares drag
New Zealand stocks drop 103 points, or 0.7%, to 13,751 in Monday morning trade, with consumer staples down 5.8% and A2 Milk off 8.9% after a 44% net profit plunge for the 12 months ended June.
New Zealand's stocks dropped 103 points, or 0.7%, to 13,751 in Monday morning trade, erasing gains from the previous session, mainly weighed down by consumer staples, energy, and industrials.
Consumer staples plunged 5.8%, with A2 Milk slumping 8.9% after the company reported a 44% plunge in net profit for the 12 months ended June.
The decline reflected supply chain disruptions affecting sales of its China-label infant formula.
The broader index declined to its lowest level since July 31, tracking a fall on Wall Street on Friday amid disappointing economic data.
Traders also remained cautious as New Zealand's private sector growth eased in July.
However, fresh data helped cap the decline, with food inflation slowing to a 20-month low, credit card spending rebounding, and the services sector recording its strongest growth in seven months.
Other early losers were Fletcher Building (-1.3%), Fisher & Paykel (-1.2%), Mainfreight (-0.8%), and Hallenstein Glasson (-0.8%).