The NZX 50 slipped 17 points, or 0.1%, to 13,795 in Monday morning trade, extending losses from the previous session and mirroring a modest decline in US stock futures. Sentiment remained under pressure from higher oil prices after US President Trump rejected a ceasefire proposal from Iran, fueling persistent concerns about inflation. RBNZ Governor Anna Breman recently cautioned that inflation could rise further if elevated oil prices are sustained.
Investors were also looking ahead to key data releases, including New Zealand’s September business confidence survey, China’s PMI figures, and US PCE inflation and jobs data due later this week, all of which could offer fresh signals on the Federal Reserve’s policy stance at its upcoming meeting.
Sector-wise, technology, financials, industrials, and real estate led the declines. Notable early losers included Gentrack Group (-3.4%), Brisco Group (-2.9%), Sanford (-1.5%), Summerset Group (-1.4%), Infratil (-1.1%), Fletcher Building (-1.0%), and Channel Infrastructure (-0.8%).