NZX 50 Extends Losses to Start the Week
The NZX 50 fell 44 points, or 0.3%, to 13,710 in Monday morning deals, extending losses from the previous session and touching its lowest level since October 8. The index tracked a decline on Wall Street on Friday amid a continued tech sell-off. Traders were cautious ahead of the release of Q3 inflation, along with a slew of Chinese data, including GDP growth, due this week. Fresh data also pressured sentiment, as New Zealand's trade deficit widened sharply in September, with imports rising more than exports. However, private sector figures for September capped the fall, as private sector growth hit a three-month high, with manufacturing sector growth accelerating while the services sector continued to expand. The financials, technology, real estate, and energy sectors mainly weighed on the index, with notable losses from Mainfreight (-3.0%), Henderson Far East Income (-1.8%), Infratil (-1.6%), Gentrack Group (-1.5%), Channel Infrastructure (-0.9%), and F&C Investment (-0.8%).
The NZX 50 fell 44 points, or 0.3%, to 13,710 in Monday morning deals, extending losses from the previous session and touching its lowest level since October 8. The index tracked a decline on Wall Street on Friday amid a continued tech sell-off. Traders were cautious ahead of the release of Q3 inflation, along with a slew of Chinese data, including GDP growth, due this week. Fresh data also pressured sentiment, as New Zealand's trade deficit widened sharply in September, with imports rising more than exports.
However, private sector figures for September capped the fall, as private sector growth hit a three-month high, with manufacturing sector growth accelerating while the services sector continued to expand. The financials, technology, real estate, and energy sectors mainly weighed on the index, with notable losses from Mainfreight (-3.0%), Henderson Far East Income (-1.8%), Infratil (-1.6%), Gentrack Group (-1.5%), Channel Infrastructure (-0.9%), and F&C Investment (-0.8%).