The NZX 50 fell 35 points, or 0.3%, to 13,789 in Friday morning trade, after finishing flat in the previous session, with the decline led mainly by financials, utilities, and healthcare stocks. Market sentiment was cautious as elevated oil prices persisted amid ongoing disruptions to shipping in the Gulf. RBNZ Governor Anna Breman recently warned that inflation could rise further if high oil prices are sustained.
On Wall Street, major US indices were little changed as a jump in Treasury yields reinforced expectations of another interest rate hike by the Federal Reserve. Investors were also looking ahead to key data releases, including China’s PMI figures—closely watched given China’s status as New Zealand’s largest trading partner—as well as the US PCE price index and labor market data due next week, which could offer additional guidance on the Fed’s policy stance at its upcoming meeting.
Notable early decliners included Meridian Energy (-1.5%), Westpac Banking Corp. (-1.2%), Ryman Healthcare (-0.8%), FC Investment (-0.7%), and Infratil (-0.5%). For the week, the NZX 50 was up 0.4%, putting it on track for a second consecutive weekly gain.