New Zealand Equities End Slightly Lower

The NZX 50 inched down 10 points, or 0.1%, to close at 13,436 on Tuesday, extending losses from the prior session, mainly weighed down by materials, industrials, and healthcare stocks. Traders were cautious as they anticipated the release of the US final Q1 GDP data and the May PCE Price Index, due this week, for clues on the Fed's monetary policy decision at its upcoming meeting, after it held interest rates steady last week. Gains in consumer staples, financials, and communication services limited the decline. However, easing oil prices capped the fall as inflation fears eased amid ongoing US-Iran peace talks, while Washington granted Iran a 60-day license to sell oil on international markets. Vulcan Steel dropped 3.0%, Briscoe Group fell 2.3%, Auckland International Airport was down 1.9%, Sanford fell 1.7%, Fisher & Paykel Healthcare declined 1.6%, Ebos Group shed 1.2%, and Mainfreight was down 1.0%.

The NZX 50 was almost flat, trading around 13,453 in Tuesday morning trade after falling in the prior session, as gains in industrials, consumer staples, and real estate stocks were offset by declines in energy, communication services, and healthcare. Traders also anticipated the release of the US final Q1 GDP data and the May PCE Price Index, due this week, for clues on the Fed's monetary policy decision at its upcoming meeting, after it held interest rates steady last week. Investors also continued to monitor developments in US-Iran peace talks amid Israel's attacks across southern Lebanon despite ongoing diplomatic efforts. Turners Automotive Group advanced 1.5%, A2 Milk rose 1.2%, and Ryman Healthcare climbed 0.9%, while Meridian Energy, Summerset Group, and Auckland International Airport fell 0.7%, 0.6%, and 0.5%, respectively.

The NZX 50 dropped 50 points, or 0.4%, to close at 13,446 on Monday, reversing its morning strength and erasing gains from the prior session, mainly weighed down by losses in energy, consumer discretionary, and technology stocks. The broader index retreated from its highest level since March 6, reached on Friday, with consumer staples rising 0.8% after jumping more than 5% in the morning session. The moderation came as A2 Milk rose 1.7%, slowing sharply from an over 11% surge in morning trading after the company received highly coveted regulatory approval from China to produce infant formula at Pokeno. However, easing oil prices helped limit the decline, supported by news that progress had been made in US-Iran peace deal talks. Among the biggest decliners were Gentrack Group (-4.9%), Channel Infrastructure (-2.2%), South Port NZ (-1.6%), Contact Energy (-1.4%), Mercury NZ (-1.4%), Henderson Far East Income (-1.1%), Hallenstein Glasson (-1.0%), and Mainfreight (-0.8%).