New Zealand Stocks Hit Near 4-Week Low

The NZX 50 fell 22 points, or 0.2%, to 12,739 in Thursday morning trade, retreating for the second straight session and marking its lowest level since March 24, mainly weighed down by utilities, consumer staples, and communication services. Caution also prevailed ahead of the release of New Zealand's retail sales data on Friday, with the market expecting quarterly retail sales growth to ease in Q1. However, an upbeat session on Wall Street overnight helped limit the losses, as inflation concerns eased after US President Trump stated that a deal with Iran could come soon, while Nvidia recorded earnings above expectations. Fresh data also helped cap further declines, as New Zealand's trade surplus reached a record high, with exports rising to an all-time high. Among early losers were Tower Limited (-5.8%), Contact Energy (-4.3%), A2 Milk (-1.3%), Mercury NZ (-0.6%), and Gentrack Group (-0.5%).

The NZX 50 dropped 213 points, or 1.6%, to close at 12,761 on Wednesday, halting gains from the previous session and marking its lowest level since March 30, as it tracked declines on Wall Street overnight due to rising US Treasury yields amid escalating US-Iran tensions. Traders assessed the PBOC’s decision to hold interest rates steady following disappointing Chinese economic data released on Monday, as they looked for guidance on China’s economic outlook, given that the country is New Zealand’s top trading partner. Caution was also built ahead of the release of New Zealand's retail sales data on Friday, with the market expecting quarterly retail sales growth to ease in Q1. Almost all sectors traded in the red, with the biggest losses coming from consumer staples, communication services, industrials, and materials. Summerset Group plunged 5.5%, A2 Milk slumped 4.5%, Auckland International Airport fell 3.4%, Mainfreight dropped 3.1%, and ANZ Group declined 2.6%.

The NZX 50 fell 82 points, or 0.6%, to 12,892 in Wednesday morning trade, erasing gains from the previous session, tracking declines on Wall Street overnight due to rising US Treasury yields amid escalating US-Iran tensions. Traders also remained cautious ahead of the PBOC’s interest rate decision later today, following disappointing Chinese economic data released on Monday. Caution was also built as traders anticipated the release of New Zealand's retail sales data on Friday, with the market expecting quarterly retail sales growth to ease in Q1. Energy stocks led the decline, followed by utilities, financials, and industrials. Among the early losers were Henderson Far East Income (-3.2%), Channel Infrastructure NZ (-2.4%), Hallenstein Glasson (-1.7%), Mainfreight (-1.5%), Freightways Group (-1.1%), and Fisher & Paykel (-0.5%). Infratil fell 1.8% after announcing it would sell 53.5 million ordinary shares in Contact Energy.