NZX 50 Falls for 3rd Day, Down 0.3% at Close

The NZX 50 fell 38 points, or 0.3%, to close at 13,025 on Thursday, retreating for the third consecutive session and marking its lowest level since May 4, mainly driven by losses in the energy, consumer staples, and healthcare sectors. Wednesday’s RBNZ quarterly survey, which highlighted expectations of higher inflation, interest rates, and unemployment, along with weaker growth for the coming year, continued to pressure sentiment. Investor sentiment was further subdued ahead of the release of New Zealand’s food inflation data and manufacturing PMI scheduled for Friday. Markets are also monitoring the summit between US President Trump and Chinese President Xi Jinping, which begins today, amid hopes of easing trade tensions. Air New Zealand slumped 5.8% after the firm warned of its biggest loss in four years due to higher fuel costs amid the Middle East crisis. Other major losers included A2 Milk (-3.7%), Mainfreight (-2.3%), and Turners Automotive Group (-2.3%).