NZX 50 Drops to 7-Week Low after Jobs Data

2026-02-03 22:49 By Chusnul Chotimah 1 min. read

The NZX 50 fell 115 points, or 0.9%, to 13,306 in morning trade on Wednesday, hitting its lowest level since December 17 and erasing gains from the previous session, as traders grew concerned about New Zealand's economy after the unemployment rate rose to its highest level in a decade.

Fresh data showed that the jobless rate in New Zealand rose to 5.4% in Q4, higher than both the previous figure and market expectations of 5.3%.

Caution was also built as traders anticipated US jobs data later this week and Chinese services PMI data due later today.

The downbeat session on Wall Street overnight further pressured sentiment after a sell-off in AI- and semiconductor-related shares amid elevated chip valuations.

Almost all sectors traded in the red, led by healthcare, industrials, and consumer staples.

Among the biggest laggards were Fisher & Paykel (-1.9%), A2 Milk (-1.7%), Freightways (-1.7%), Auckland International Airport (-1.6%), Briscoe Group (-1.6%), and Mainfreight (-1.4%).



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