NZX 50 Falls to 4-Week Low as Staples Weigh
New Zealand's NZX 50 closed down 1.0% at 13,722, its lowest since July 21, with consumer staples, real estate, consumer discretionary and industrials leading the decline.
New Zealand's stocks dropped 132 points, or 1.0%, to close at 13,722 on Monday, halting gains from the previous session, mainly weighed down by consumer staples, real estate, consumer discretionary, and industrials.
Consumer staples slumped 3.9%, with A2 Milk plunging 5.7% 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 21, tracking a fall on Wall Street on Friday amid disappointing economic data.
Fresh data also weighed on sentiment, as New Zealand's private sector growth eased in July.
However, easing food inflation to a 19-month low and a rebound in credit card spending limited the fall.
Other bottom performers were Freightways Group (-4.5%), ANZ Group (-2.4%), Mainfreight (-2.0%), Westpac Banking Corp. (-1.6%), and Fisher & Paykel (-1.2%).