New Zealand Stocks Fall to Start the Week

New Zealand stocks lost 41 points, or 0.3%, to 13,931 in Monday morning trade, after posting weekly gains in the previous three sessions, mainly weighed down by consumer staples, healthcare, and communication services. The broader index moved lower from its highest level since August 5, reached on Friday, tracking a fall in US stock futures as traders looked to recover after falling in the previous week due to a surge in Treasury yields. Traders continued to brace for earnings from some companies that will be released this week. Caution was also evident ahead of the US PCE price data for guidance on the Fed's monetary policy decision at its upcoming meeting, as well as FOMC speeches at the Jackson Hole Symposium. The latest data also pressured sentiment, as New Zealand retail sales fell for the first time since Q3 2024. Among early losers were Contact Energy (-1.2%), Fletcher Building (-1.0%), and A2 Milk (-1.0%). Chorus fell 0.6% despite posting a surge in net profit.

New Zealand stocks advanced 53 points, or 0.4%, to close at 13,973 on Friday, reversing morning losses and erasing the previous session’s losses to hit their highest level since August 5, buoyed by gains in tech sectors, consumer staples, real estate, and communication services. Positive earnings reports during the peak corporate reporting season continued to support sentiment. However, losses in energy, materials, and industrials limited gains. A downbeat session on Wall Street on Thursday also capped the rise amid rising Treasury yields. Traders were also anticipating the release of US July PMIs and New Zealand's retail sales for Q2 due next week. On the data front, New Zealand's trade deficit widened in July, as exports rose less than imports. Among gainers were Scales Corp. (2.6%), Colonial Motor (1.6%), Fisher & Paykel (1.3%), A2 Milk (1.2%), Chorus (1.2%), and Westpac Banking Corp. (1.0%). For the week, the index rose 0.9%, marking the third consecutive weekly gain.

New Zealand stocks inched down 18 points, or 0.1%, to 13,901 in Friday morning deals, extending losses from the previous session, tracking a downbeat session on Wall Street overnight amid rising US Treasury yields. The decline was mainly weighed down by healthcare, materials, and industrials. However, gains in consumer staples, tech sectors, and real estate capped the fall. Traders were also anticipating the release of US July PMIs and New Zealand's retail sales for Q2 due next week. On the data front, New Zealand's trade deficit widened in July, as exports rose less than imports. Among early losers were Fisher & Paykel (-1.1%), F&C Investment (-0.7%), EBOS Group (-0.6%), Mercury NZ (-0.6%), and Freightways Group (-0.5%). However, for the week, the index rose 0.3%, marking the third consecutive weekly gain.