NZX 50 Reverses Morning Gains, Closes Down 0.4%

The NZX 50 fell 56 points, or 0.4%, to close at 13,115 on Wednesday, reversing morning gains and extending losses from the previous session, mainly weighed down by materials, industrials, and consumer staples stocks. Traders remained cautious amid uncertainty surrounding the US-Iran peace talks. Disappointing economic data also pressured sentiment, with New Zealand's merchandise terms of trade declining more than expected in the first quarter of 2026, indicating reduced purchasing power for New Zealand exporters despite rising export volumes. However, losses were capped by stronger building consents data, as new dwelling consents rebounded 10.9% in April. Among the biggest laggards were Mainfreight (-3.5%), Ebos Group (-2.5%), and Ventia Services Group (-1.7%), while Sky Network Television and Turners Automotive each fell 1.6%.

The NZX 50 climbed 31 points, or 0.2%, to 13,201 in Wednesday morning trade, halting losses from the previous session and tracking gains on Wall Street overnight, supported by persistent optimism over AI. Consumer staples, communication services, and energy stocks were the main drivers of the index. However, losses in the utilities sector capped the gains. Traders also monitored developments in the US-Iran peace talks aimed at ending the war. On the data front, New Zealand's building consents for new dwellings rebounded in April, surging 10.9%, while the merchandise terms of trade fell 2.0% quarter-on-quarter in the first quarter of 2026, worse than market expectations of a 1.2% decline. Among the early gainers were A2 Milk (1.9%), Sky Network Television (1.3%), Scales Corporation (1.2%), Chorus (0.8%), and F&C Investment (0.8%).

The NZX 50 fell 74 points, or 0.6%, to close at 13,171 on Tuesday, after gaining in the previous session, as traders resumed activity following a holiday on Monday, amid uncertainty over US-Iran peace talks aimed at ending the war. The broader index pulled back from its highest level since May 7, reached on Friday, mainly weighed down by materials, financials, energy, and consumer discretionary stocks. Traders continued to assess comments from RBNZ Governor Anna Breman, who said last week that the Official Cash Rate is likely to rise sooner and more sharply than previously indicated. Caution also prevailed ahead of the release of US PMI and jobless claims figures due later this week. Among the biggest laggards were ANZ Group (-4.1%), Vulcan Steel (-3.6%), Infratil (-3.0%), Chorus (-2.3%), Westpac Banking Corp. (-1.8%), Australian Foundation Investment (-1.8%), F&C Investment (-1.7%), Hallenstein Glasson (-1.6%), and Fisher & Paykel (-1.3%).