NZX 50 closes lower, extends weekly loss amid RBNZ and Fed caution
New Zealand stocks fell 112 points, or 0.8%, to 13,768, extending losses and hitting the lowest since Aug 17. Traders stayed cautious ahead of the RBNZ decision next week and a Fed chair speech at Jackson Hole.
New Zealand stocks dropped 112 points, or 0.8%, to close at 13,768 on Friday, extending losses from the previous session and marking their lowest level since August 17, mainly weighed down by utilities, technology, and financials.
Traders were cautious ahead of the RBNZ's monetary policy decision next week, with the market expecting the central bank to raise interest rates by 25 bps after raising them in May.
Caution was also building ahead of a speech from the Fed’s chair at the Jackson Hole Symposium for clues on the central bank’s interest rate decision at its upcoming meeting.
Among the biggest laggards were Infratil (-1.9%), Meridian Energy (-1.9%), Briscoe Group (-1.8%), Fletcher Building (-1.8%), Mercury NZ (-1.5%), and Fisher & Paykel (-0.9%).
Port of Tauranga edged down 0.3% after reporting a fall in net profit.
Channel Infrastructure jumped 6.9% after reporting a surge in net profit for H1 2026.
For the week, the index shed 1.5%, marking its first weekly decline in a month.