NZX 50 Ends Near 4-Week Low, Down 1%

New Zealand's stocks dropped 132 points, or 1.0%, to close at 13,722 on Monday, halting gains from the previous session, mainly weighed down by consumer staples, real estate, consumer discretionary, and industrials. Consumer staples slumped 3.9%, with A2 Milk plunging 5.7% after the company reported a 44% plunge in net profit for the 12 months ended June. The decline reflected supply chain disruptions affecting sales of its China-label infant formula. The broader index declined to its lowest level since July 21, tracking a fall on Wall Street on Friday amid disappointing economic data. Fresh data also weighed on sentiment, as New Zealand's private sector growth eased in July. However, easing food inflation to a 19-month low and a rebound in credit card spending limited the fall. Other bottom performers were Freightways Group (-4.5%), ANZ Group (-2.4%), Mainfreight (-2.0%), Westpac Banking Corp. (-1.6%), and Fisher & Paykel (-1.2%).

New Zealand's stocks dropped 103 points, or 0.7%, to 13,751 in Monday morning trade, erasing gains from the previous session, mainly weighed down by consumer staples, energy, and industrials. Consumer staples plunged 5.8%, with A2 Milk slumping 8.9% after the company reported a 44% plunge in net profit for the 12 months ended June. The decline reflected supply chain disruptions affecting sales of its China-label infant formula. The broader index declined to its lowest level since July 31, tracking a fall on Wall Street on Friday amid disappointing economic data. Traders also remained cautious as New Zealand's private sector growth eased in July. However, fresh data helped cap the decline, with food inflation slowing to a 19-month low and credit card spending rebounding. Other early losers were Fletcher Building (-1.3%), Fisher & Paykel (-1.2%), Mainfreight (-0.8%), and Hallenstein Glasson (-0.8%).

New Zealand's stocks rose 29 points, or 0.2%, to close at 13,854 on Friday, reversing morning weakness and extending gains from the previous session, tracking a rise on Wall Street overnight as bets on a Fed interest rate hike at the September meeting eased following soft inflation data. Moderating oil prices also lifted sentiment as inflation concerns eased and expectations grew that the RBNZ would slow the pace of monetary policy tightening. The latest data also supported sentiment, as New Zealand's factory activity grew for the 21st consecutive month in July, though at a softer rate. However, traders were cautious ahead of food inflation data and China's interest rate decision due next week. Energy, tech, consumer discretionary, and industrials mainly drove the index, with notable gains including Colonial Motor (9.2%), ANZ Group (1.6%), Henderson Far East Income (1.2%), and Mainfreight (1.1%). For the week, the index rose 0.2%, marking the second consecutive weekly gain.