NZX 50 Retreats from Record High on Profit-Taking

New Zealand's stocks dropped 44 points, or 0.3%, to 13,806 in Tuesday morning deals, as traders took profit after the index hit a record high a day earlier, buoyed by easing oil prices. Traders remained cautious ahead of the Fed's monetary policy decision and China's PMI data, as well as the release of New Zealand's consumer confidence and business outlook data for July, due this week. However, easing oil prices due to moderating Middle East tensions helped limit the decline, as easing inflation concerns reduced expectations of further interest rate hikes. The broader index was mainly weighed down by losses in the financial, healthcare, industrial, and real estate sectors. Colonial Motor dropped 1.5%, Auckland International Airport fell 1.3%, Infratil decreased 1.2%, Ventia Services Group fell 0.8%, while Fisher & Paykel Healthcare and Henderson Far East Income each shed 0.6%.

New Zealand's stocks advanced 78 points, or 0.6%, to close at 13,851 on Monday, reversing weakness in the morning session and halting the previous session's losses, mainly supported by gains in consumer staples, communication services, industrials, and healthcare sectors. The broader index hit a record high, tracking a rise in US futures due to easing oil prices amid moderating Middle East tensions while traders braced for the release of big tech earnings. However, traders remained cautious ahead of the Fed's monetary policy decision and China's PMI data due this week, as well as the release of New Zealand's consumer confidence and business outlook data for July, also due this week. Auckland International Airport gained 2.0%, A2 Milk climbed 1.8%, ANZ Group rose 1.7%, Summerset Group rose 1.5%, Westpac Banking Corporation went up 1.5%, and Fisher & Paykel Healthcare increased 1.2%.

New Zealand's stocks fell 25 points, or 0.2%, to 13,748 in Monday morning trade, extending losses from the previous session, mainly weighed down by declines in financials, utilities, and real estate. Traders continued to assess US plans to impose new tariffs ranging from 10% to 12.5% on 60 economies, including New Zealand, while monitoring developments in the Middle East conflict after the US paused strikes on Iran and Iran reportedly agreed to pause attacks if the US maintained its halt to strikes. Caution also prevailed ahead of the Fed's monetary policy decision and China's PMI data due this week. Traders also anticipated the release of New Zealand's consumer confidence and business outlook data for July, also due this week. However, a rise in US stock futures capped the fall ahead of big tech earnings this week, while oil prices declined. Among the early losers were Infratil (-1.4%), South Port NZ (-1.2%), Contact Energy (-0.6%), F&C Investment (-0.4%), and Freightways (-0.3%).