Kiwi Stocks Slip Further on Oil Rally, Geopolitical Jitters

New Zealand stocks slipped 44 points, or 0.3%, to 13,143 in Monday morning trade, extending losses for a third straight session after Wall Street’s weak Friday close rattled sentiment. At the same time, oil prices surged past USD 100 per barrel, with reports of 2,500 U.S. Marines moving to the Middle East stirring geopolitical caution. Investors also stayed guarded ahead of key domestic releases next week, including February food inflation and Q4 GDP. In top trading partner China, activity data for January–February, covering among others industrial output and retail sales, is due later today. Still, downside momentum was tempered by fresh figures showing a rebound in New Zealand’s February retail card spending. Sectoral weakness was broad, led by consumer durables, services, non-energy minerals, and healthcare. Early laggards included Fletcher Building (-2.3%), Hallenstein Glasson (-2.1%), PGG Wrightson (-1.9%), and Scott Tech (-1.7%).

The NZX 50 inched down 12 points, or 0.1%, to close at 13,187 on Friday, marking a second straight decline as weakness in logistics, industrial services, and transport weighed on sentiment. Early losses were partly offset by gains in energy minerals and consumer services, but the benchmark index still posted its second consecutive weekly drop, down about 2.5%. Bearish momentum was fueled by the escalating Middle East conflict, which kept crude prices elevated and stoked inflation concerns. Meanwhile, Washington’s latest trade probes into excess industrial capacity and forced labor raised fears of new tariffs on key partners, including China, New Zealand’s largest trading partner. Traders now await key domestic data next week, including New Zealand's food inflation in February and Q4 GDP. Among Friday’s notable laggards were Freightways (-2.9%), Hallenstein Glasson (-2.5%), Tourism Holdings (-2.5%), and AFT Pharmaceuticals (-2.2%).

Shares in New Zealand slipped 71 points, or 0.5%, to 13,130 in early Friday trade, marking a second consecutive drop after a slump on Wall Street Thursday due to surging oil prices. Iran’s move to keep the Strait of Hormuz closed stoked inflation concerns, with the NZX 50 heading for the second straight weekly drop, down near 3% so far. Caution also lingered ahead of key domestic releases next week, including February food inflation and Q4 GDP. On the trade front, the U.S. launched a new probe into major partners, including China, after the Supreme Court struck down a key element of Trump-era tariffs last month. Still, losses were offset by upbeat data showing New Zealand's factory activity grew for a third month in February, while visitor arrivals rose 4.1% yoy. Sector weakness was broad, with consumer durables, healthcare, and non-energy minerals under pressure. Notable laggards included Spark NZ (-2.2%), Freightways (-2.2%), Infratil (-1.4%), and Turners Automotive (-1.2%).