New Zealand Stocks Extend Falls, Post Weekly Loss
The NZX 50 fell 130 points, or 0.9%, to close at 13,680 on Friday, down for the third straight session, touching its lowest level since September 15, with almost all sectors trading in the red, led by the tech sector. Persistently high oil prices pressured sentiment, raising concerns over inflation expectations and interest rate hikes, after a report that the US deployed more forces to the Middle East. Caution also prevailed as traders awaited US jobs data after the closing bell for clues about the Fed's monetary policy decision at its upcoming meeting. However, an upbeat session on Wall Street overnight capped the fall as the Treasury selloff eased. Fresh data also pressured sentiment, as New Zealand's consumer confidence eased in September. Among the biggest laggards were Port of Tauranga (-4.4%), Vulcan Steel (-2.9%), Sanford (-2.9%), EBOS Group (-2.5%), and Mainfreight (-1.3%). For the week, the index fell 0.9%, marking its first weekly decline in three weeks.
9%, to close at 13,680 on Friday, down for the third straight session, touching its lowest level since September 15, with almost all sectors trading in the red, led by the tech sector. Persistently high oil prices pressured sentiment, raising concerns over inflation expectations and interest rate hikes, after a report that the US deployed more forces to the Middle East. Caution also prevailed as traders awaited US jobs data after the closing bell for clues about the Fed's monetary policy decision at its upcoming meeting. However, an upbeat session on Wall Street overnight capped the fall as the Treasury selloff eased.
Fresh data also pressured sentiment, as New Zealand's consumer confidence eased in September. 3%). 9%, marking its first weekly decline in three weeks.