NZX 50 falls 0.7% as communication services lead decline
New Zealand’s NZX 50 fell 91 points, or 0.7%, to 13,882 on Monday, with communication services, financials, tech and consumer staples weighing on the benchmark.
New Zealand stocks dropped 91 points, or 0.7%, to close at 13,882 on Monday, erasing gains in the previous session, mainly weighed down by communication services, financials, tech sectors, and consumer staples.
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.
Solid gains following earnings reports from some companies failed to lift the index.
Communication services fell 2.7% as Chorus plunged 5.3% despite posting a surge in net profit.
However, traders continued to brace for earnings from some companies that will be released this week.
The latest data also pressured sentiment, as New Zealand retail sales fell for the first time since Q3 2024.
Other bottom performers included Mainfreight (-2.2%), EBOS Group (-2.1%), Hallenstein Glasson (-2.4%), Infratil (-2.1%), Freightways Group (-1.7%), and A2 Milk (-1.4%).