NZX 50 Ends at Over 2-Month Low
The NZX 50 dropped 76 points, or 0.6%, to 13,484 on Tuesday, retreating for the fourth consecutive session and touching its lowest level since June 24. The index tracked a downbeat session on Wall Street on Monday, due to a sell-off in chipmakers after AI companies called for an industry-wide slowdown. Traders were cautious ahead of the release of New Zealand’s Q2 GDP later this week, with the market expecting quarterly growth to ease. Disappointing data from China, New Zealand’s top trading partner, also pressured sentiment, as retail sales growth came in below expectations, while investment and house prices continued to decline. Expectations of a Fed interest rate hike later this week, amid higher oil prices, also further pressured sentiment. Energy, materials, and financials mainly weighed on the index, with notable losses from Summerset Group (-3.6%), Infratil (-3.5%), Channel Infrastructure (-2.6%), Chorus (-1.7%), and Freightways Group (-1.2%).
6%, to 13,484 on Tuesday, retreating for the fourth consecutive session and touching its lowest level since June 24. The index tracked a downbeat session on Wall Street on Monday, due to a sell-off in chipmakers after AI companies called for an industry-wide slowdown. Traders were cautious ahead of the release of New Zealand’s Q2 GDP later this week, with the market expecting quarterly growth to ease. Disappointing data from China, New Zealand’s top trading partner, also pressured sentiment, as retail sales growth came in below expectations, while investment and house prices continued to decline.
Expectations of a Fed interest rate hike later this week, amid higher oil prices, also further pressured sentiment. 2%).