NZX 50 Edges Lower, Posts Weekly Loss
The NZX 50 shed 13 points, or 0.1%, to close at 13,734 on Friday, extending losses from the previous session and tracking a fall on Wall Street overnight as a tech-sector selloff deepened. Caution prevailed ahead of the RBNZ’s monetary policy decision next week, as well as the Fed’s interest rate decision. Although annual inflation slowed to 3.7% in Q3, caution persisted amid expectations that inflation would rise again following a temporary dip in fuel prices. Inflation also remained above the RBNZ’s 1—3% target range. Rising oil prices further pressured sentiment, raising concerns over inflation expectations and interest rate hikes. The materials, technology, and energy sectors mainly weighed on the index, with the biggest losses recorded by Fletcher Building (-4.8%), Summerset Group (-3.2%), Henderson Far East Income (-2.7%), EBOS Group (-1.9%), and Contact Energy (-1.1%). For the week, the index edged down 0.1% after being almost flat in the previous week.
The NZX 50 shed 13 points, or 0.1%, to close at 13,734 on Friday, extending losses from the previous session and tracking a fall on Wall Street overnight as a tech-sector selloff deepened. Caution prevailed ahead of the RBNZ’s monetary policy decision next week, as well as the Fed’s interest rate decision. Although annual inflation slowed to 3.7% in Q3, caution persisted amid expectations that inflation would rise again following a temporary dip in fuel prices. Inflation also remained above the RBNZ’s 1—3% target range.
Rising oil prices further pressured sentiment, raising concerns over inflation expectations and interest rate hikes. The materials, technology, and energy sectors mainly weighed on the index, with the biggest losses recorded by Fletcher Building (-4.8%), Summerset Group (-3.2%), Henderson Far East Income (-2.7%), EBOS Group (-1.9%), and Contact Energy (-1.1%). For the week, the index edged down 0.1% after being almost flat in the previous week.