New Zealand stocks slip in Monday trade, led by staples
New Zealand stocks drop 41 points, or 0.3%, to 13,931 in Monday morning trade, with consumer staples, healthcare, and communication services weighing and early losers including Contact Energy, Fletcher Building, and A2 Milk.
New Zealand stocks lost 41 points, or 0.3%, to 13,931 in Monday morning trade, after posting weekly gains in the previous three sessions, mainly weighed down by consumer staples, healthcare, and communication services.
The broader index moved lower from its highest level since August 5, reached on Friday, tracking a fall in US stock futures as traders looked to recover after falling in the previous week due to a surge in Treasury yields.
Traders continued to brace for earnings from some companies that will be released this week.
Traders were cautious ahead of the US PCE price data for guidance on the Fed's monetary policy decision at its upcoming meeting, as well as FOMC speeches at the Jackson Hole Symposium.
The latest data also pressured sentiment, as New Zealand retail sales fell for the first time since Q3 2024.
Among early losers were Contact Energy (-1.2%), Fletcher Building (-1.0%), A2 Milk (-1.0%), Infratil (-0.5%), and Briscoe Group (-0.4%).