New Zealand Stocks Set for Weekly Fall

The NZX 50 dropped 16 points, or 0.1%, to 13,794 in Friday morning trade, extending losses from the previous session, mainly weighed down by the real estate, communication services, and tech sectors. Rising oil prices pressured sentiment, raising concerns over inflation expectations and interest rate hikes, after a report that the US deployed more forces to the Middle East. Caution also prevailed as traders awaited US jobs data after the closing bell for clues about the Fed's monetary policy decision at its upcoming meeting. However, an upbeat session on Wall Street overnight capped the fall as the Treasury selloff eased. On the data front, New Zealand's consumer confidence edged down in September but remained above its April low. Among early losers were FC Investment (-1.0%), Westpac Banking Corp. (-0.9%), Infratil (-0.9%), and Briscoe Group (-0.7%). For the week, the index is heading for a 0.1% fall, which would be its first weekly decline in three weeks.

The NZX 50 shed 24 points, or 0.2%, to close at 13,811 on Thursday, after gaining in the previous session, tracking a decline on Wall Street overnight as a softer-than-expected inflation rate was offset by rising oil prices. Traders continued to monitor the Middle East conflict as high oil prices persist, raising concerns over inflation expectations. High US Treasury yields pressured the broader index to deeper falls. Traders also anticipated US jobs data later this week for clues about the Fed's monetary policy decision at its upcoming meeting. Fresh data limited the fall, as New Zealand building permits rose at the fastest pace in four months in August. Energy, financial, and communication services mainly weighed on the index, with the bottom performers being Delegat Group (-3.2%), Channel Infrastructure (-2.5%), Westpac Banking Corp. (-2.3%), Meridian Energy (-1.6%), Infratil (-1.5%), EBOS Group (-1.3%), and Chorus (-1.3%).

The NZX 50 fell 54 points, or 0.4%, to 13,781 in Thursday morning trade, after gaining in the previous session, tracking a decline on Wall Street overnight as a softer-than-expected inflation rate was offset by rising oil prices. Traders continued to monitor the Middle East conflict, as rising oil prices raised concerns over inflation expectations. Wednesday's data pressured sentiment, as New Zealand's business confidence fell to a three-month low. Traders also anticipated US jobs data later this week for clues about the Fed's monetary policy decision at its upcoming meeting. Fresh data limited the fall, as New Zealand building permits rose at the fastest pace in four months in August. Almost all sectors traded in the red, with utilities leading the decline, followed by communication services, real estate, and financials. Among early losers were Meridian Energy (-1.7%), Hallenstein Glasson (-1.5%), Ebos Group (-1.3%), Fletcher Building (-0.9%), and Mainfreight (-0.6%).