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NZX 50 Extends Losses, Closes Down 0.1%
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Trading Economics-
The NZX 50 fell 17 points, or 0.1%, to close at 13,063 on Wednesday, retreating for the second straight session and tracking declines on Wall Street overnight, as a faster-than-expected inflation reading amid higher oil prices raised concerns that the Fed will not cut rates this year. Fresh data also pressured sentiment, with business inflation expectations accelerating to 2.53% in Q2, marking the fastest increase since Q4 2023. Traders also remained cautious ahead of the release of New Zealand's food inflation data and manufacturing PMI, both due later this week.Technology stocks, communication services, and financials mainly dragged the index lower, with notable losses from AFC Pharmaceuticals (-6.7%), Westpac Banking Corp. (-4.5%), ANZ Group (-2.6%), Infratil (-1.5%), and Auckland International Airport (-1.3%).
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