NZX 50 slips 1.0%, erases record-high gains after profit-taking
New Zealand stocks fell 133 points, or 1.0%, to close at 13,880 on Thursday, reversing earlier gains. The retreat followed a record high hit a day earlier; mixed US futures support was cited.
New Zealand stocks dropped 133 points, or 1.0%, to close at 13,880 on Thursday, erasing gains in the morning session and from the previous two days, as traders took profit after the index hit a record high a day earlier.
The broader index declined from the 14,000 level reached for the first time on Wednesday, supported by the materials sector.
However, a rise in US stock futures following a surge in Nvidia shares after its earnings report limited the fall.
Almost all sectors traded in the red, led by consumer staples.
Precinct Properties NZ plunged 4.3% after its earnings report.
Other bottom performers were A2 Milk (-3.4%), Meridian Energy (-2.7%), EBOS Group (-1.3%), Infratil (-1.3%), ANZ Group (-1.2%), and Fisher & Paykel (-1.0%).
Meanwhile, Genesis Energy rose 1.8% after reporting higher earnings, though profit was halved due to a valuation hit.
Summerset Group surged 8.0% after reporting a 92% surge in net profit for the six months ended June 30, 2026.