FX.co ★ New Zealand Stocks Extend Falls, Post Weekly Loss

The NZX 50 fell 130 points, or 0.9%, to close at 13,680 on Friday, declining for a third consecutive session and hitting its lowest level since September 15. Losses were broad-based, with nearly all sectors in negative territory and technology shares leading the retreat.

Sentiment was weighed down by persistently elevated oil prices, which stoked concerns about inflation and the prospect of further interest rate hikes, following reports that the US had deployed additional forces to the Middle East. Caution also dominated trading ahead of the release of US nonfarm payrolls data after the local market close, as investors sought fresh guidance on the Federal Reserve’s next policy move.

The decline was partially limited by a positive lead from Wall Street, where the recent selloff in US Treasuries showed signs of easing. Still, local risk appetite was further dampened by new data showing a softening in New Zealand consumer confidence in September.

Notable decliners included Port of Tauranga (-4.4%), Vulcan Steel (-2.9%), Sanford (-2.9%), EBOS Group (-2.5%), and Mainfreight (-1.3%). Over the week, the NZX 50 also shed 0.9%, its first weekly loss in three weeks.