New Zealand Stocks Extend Losses
The NZX 50 dropped 28 points, or 0.2%, to 13,656 in Thursday morning trade, extending declines from the previous session and touching its lowest level since September 16, tracking a fall on Wall Street overnight due to higher Treasury yields. The decline was mainly weighed down by the materials, utilities, financials, and tech sectors; however, gains in real estate pared the fall. Caution rose after the FOMC minutes suggested the Fed is likely to raise rates again this year. Traders also kept a close eye on the Middle East conflict and its impact on oil prices amid inflation concerns. Last month, the Reserve Bank of New Zealand raised its cash rate by 25 bps to 2.75%, delivering a second straight hike to bring inflation back to the 2% midpoint target. Among early losers were Vulcan Steel (-1.1%), Westpac Banking Corp. (-0.8%), Sanford (-0.8%), Briscoe Group (-0.7%), Freightways Group (-0.6%), Infratil (-0.6%), Meridian Energy (-0.6%), and ANZ Group (-0.4%).
2%, to 13,656 in Thursday morning trade, extending declines from the previous session and touching its lowest level since September 16, tracking a fall on Wall Street overnight due to higher Treasury yields. The decline was mainly weighed down by the materials, utilities, financials, and tech sectors; however, gains in real estate pared the fall. Caution rose after the FOMC minutes suggested the Fed is likely to raise rates again this year. Traders also kept a close eye on the Middle East conflict and its impact on oil prices amid inflation concerns.
75%, delivering a second straight hike to bring inflation back to the 2% midpoint target. 1%), Westpac Banking Corp. 4%).