FX.co ★ NZX 50 Plunges 3% to Finish at Over 2-Week Low

The NZX 50 dropped 420 points, or 3.1%, to finish at 13,099 on Monday, extending the previous session’s declines and closing at its lowest level in more than two weeks. The sell-off followed a steep retreat in U.S. futures as Brent crude surged above $120 per barrel for the first time since 2022, amid an escalating conflict in the Middle East that has heightened concerns over supply disruptions and a resurgence in inflation.

Over the weekend, the United States and Israel conducted new airstrikes across Iran, while Tehran appointed Mojtaba Khamenei as Supreme Leader. Markets largely looked past data from key trading partner China, where February consumer inflation rose to a three-year high and producer deflation showed signs of easing.

Losses on the NZX were broad-based ahead of a busy domestic data calendar this week, including Q4 manufacturing sales, February PMIs, and January visitor arrival figures. Tourism and airline-related stocks were under particular pressure, with Tourism Holdings down 5.5% and Auckland International Airport falling 4.7%. Other notable decliners included Scott Technology (-6.8%), Gentrack Group (-5.0%), and Fisher & Paykel Healthcare (-4.8%).