The NZX 50 slipped 38 points, or 0.3%, to 13,661 in Tuesday morning trade, extending the previous session’s losses ahead of the release of key labour market data. New Zealand’s Q3 employment figures are due on Wednesday, following a Q2 unemployment rate that marked the highest level since Q3 2015.
The benchmark index tracked a mostly weaker Wall Street overnight, with ongoing pressure on technology shares. Sentiment was also weighed down by lingering concerns that the RBNZ could signal a possible interest rate hike at its December meeting as it continues to tackle stubborn inflation.
A sharp fall in oil prices helped limit the market’s downside by tempering inflation worries. Even so, the NZX 50 touched its lowest level since October 20, dragged mainly by energy, financial, and utility stocks.
Early notable decliners included Channel Infrastructure (-1.5%), Fletcher Building (-1.2%), Ventia Services (-1.2%), Westpac Banking Corp. (-0.9%), Gentrack Group (-0.7%), and Fisher & Paykel (-0.5%).