NZX 50 Snaps 3-Day Winning Streak, Ends 0.6% Lower

The NZX 50 shed 78 points, or 0.6%, to 13,750 on Tuesday, halting gains from the previous three sessions, mainly weighed down by industrials, energy, materials, technology, and communication services. The broader index tracked a decline in the Nasdaq on Wall Street overnight, led by losses in the tech sector. Traders continued to monitor the Middle East conflict and oil prices amid reports of Russian diesel exports. Caution mounted ahead of the release of New Zealand's food inflation and business PMI data due later this week. Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's September CPI, PPI, and trade data amid weak domestic demand and rising oil prices. Among the biggest decliners were Chorus (-3.3%), Auckland International Airport (-2.8%), Skellerup Holdings (-2.3%), Vista Group International (-2.1%), Freightways Group (-1.8%), and Summerset Group (-1.3%).

The NZX 50 dropped 26 points, or 0.2%, to 13,801 in Tuesday morning trade, erasing gains from the previous session, mainly weighed down by industrials, communication services, utilities, technology, and financials. The broader index tracked a decline in the Nasdaq on Wall Street overnight, led by losses in the tech sector. Rising oil prices pressured sentiment amid heightened concerns over inflation and interest rate hikes. Caution mounted ahead of the release of New Zealand's food inflation and business PMI data due later this week. Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's September CPI, PPI, and trade data amid weak domestic demand and rising oil prices. Among the early losers were Freightways Group (-2.2%), AFT Pharmaceuticals (-2.0%), Auckland International Airport (-1.4%), Skellerup Holdings (-1.3%), Mainfreight (-1.0%), Chorus (-1.0%), and Infratil (-0.9%).

The NZX 50 climbed 78 points, or 0.6%, to close at 13,828 on Monday, rising for the third straight session and hitting its highest level since September 30, mainly buoyed by healthcare, financials, and energy. Moderating oil prices lifted sentiment as inflation concerns eased amid expectations that Russian diesel supplies could help alleviate global fuel shortages. The broader index tracked Wall Street higher on Friday amid expectations of a strong earnings season. However, caution mounted ahead of the release of New Zealand's food inflation and business PMI data due later this week. Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's September CPI and PPI data. Among the top performers were Ryman Healthcare (7.0%), Ebos Group (4.9%), Brisco Group (3.5%), South Port NZ (3.0%), ANZ Group (2.7%), Westpac Banking Corp. (2.2%), Infratil (1.8%), and Fisher & Paykel (1.6%).