The NZX 50 fell 116 points, or 0.9%, to 13,065 in Monday morning trading, extending the previous session’s losses and marking its lowest level since April 2, as it tracked a decline in US futures. The broader market continued to weaken after the US president announced that the US military would block ships departing from Iranian ports, following unsuccessful US–Iran peace talks.
Sentiment was also cautious ahead of a raft of key economic data from China—New Zealand’s largest trading partner—including first-quarter GDP figures and the trade balance, both due later this week.
Losses were led by consumer staples, with additional pressure from financials and utilities. Notable decliners included Fonterra (-25.0%), A2 Milk (-11.7%), Infratil (-1.1%), Mainfreight (-0.7%), and Westpac Banking Corp (-0.7%).