FX.co ★ New Zealand Shares Close Week Lower

The S&P/NZX 50 index experienced a decline of 0.75%, closing at 13,289 on Friday, thereby ending a two-day upward trend. This downward movement mirrored the negative performance from Wall Street, where U.S. stocks fell amidst concerns regarding the credit quality of regional banks. Additionally, apprehensions about U.S.-China trade tensions and a potential government shutdown contributed to the market's unease.

Domestically, investors are now focused on the forthcoming release of third-quarter Consumer Price Index (CPI) data, anticipating insights into the Reserve Bank of New Zealand's future monetary policy direction.

In corporate developments, ERoad emerged as a significant detractor, plummeting 34.7% after the transport software company decided to halt its North American expansion, citing challenging market conditions. Other major entities that saw declines included Fisher & Paykel, which fell by 2.8%, a2 Milk, down 2.4%, and Spark NZ, which decreased by 0.8%. Additional noteworthy decreases came from Precinct Properties (-1.6%), Ryman Healthcare (-1.4%), and Vulcan Steel (-2.35%).

Overall, the NZX 50 recorded a weekly loss of 1.3%, marking its second consecutive week of declines.