The NZX 50 slipped 19 points, or 0.1%, to 13,616 in Thursday morning trading, extending its losing streak to a fourth straight session. The benchmark was dragged lower primarily by weakness in technology, financials, consumer staples, and utilities.
Sentiment remained cautious ahead of Friday’s release of June food inflation data, after price growth accelerated in May. Investors were also closely tracking developments in the Middle East conflict and the accompanying rise in oil prices, with renewed inflation worries reinforcing expectations of further interest rate hikes.
Risk appetite was further dampened by downbeat economic data from China, New Zealand’s largest trading partner, where growth slowed to its weakest pace in three and a half years.
Among individual stocks, Port of Tauranga fell 1.2%, Auckland International Airport and Henderson Far East Income each slipped 0.7%, Ebos Group lost 0.4%, and Chorus eased 0.3%.