The NZX 50 fell 73 points, or 0.5%, to 13,666 in Monday morning trade, extending losses from the previous session, with utilities, industrials, healthcare, and financials leading the decline. Investors continued to digest last week’s economic data: New Zealand’s GDP grew 0.1% quarter-on-quarter in Q2, slowing from 0.2% in the previous quarter and marking the weakest quarterly expansion in a year, while annual growth accelerated to 2.6%, the fastest pace in three years.
Market participants also kept a close eye on oil prices amid escalating tensions in the Middle East, and caution was evident ahead of the Trump–Xi summit after China left interest rates unchanged for a 16th consecutive month, in line with expectations. Losses on the NZX were partly limited by gains in US stock futures, following a third consecutive losing week for the Dow Jones. Early notable decliners included Mainfreight (-2.0%), Fisher & Paykel (-1.2%), Auckland International Airport (-1.4%), Meridian Energy (-1.1%), Mercury NZ (-1.0%), and Fletcher Building (-0.8%).