FX.co ★ New Zealand Shares End 0.1% Lower

The NZX 50 slipped 11 points, or 0.1%, to 13,611 on Wednesday, wiping out the previous session’s gains. The benchmark was dragged lower primarily by weakness in consumer staples, materials, utilities, and healthcare stocks. The pullback came after the index had climbed to its highest level since February 27 in the prior session, with sentiment dented by a decline in US stock futures.

Investors were cautious ahead of New Zealand’s May consumer data, due later this week. Even so, strength in consumer discretionary, industrial, and technology shares helped cushion the overall fall. Softer oil prices also limited the downside by easing inflation worries and lowering the perceived risk of further interest rate hikes.

Tuesday’s data offered additional support, showing New Zealand business confidence rising to its highest level since February. Among the worst performers on the day were ANZ Group (-3.3%), Meridian Energy (-2.1%), Westpac Banking Corp. (-2.4%), Fletcher Building (-3.2%), A2 Milk (-1.9%), Chorus (-1.3%), and Fisher & Paykel Healthcare (-1.2%).