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The NZX 50 dropped 202 points, or 1.6%, to close at 12,762 on Monday, falling for a fifth straight session and hitting its lowest level since March 30. The decline tracked weakness in U.S. futures ahead of Nvidia’s earnings and came amid renewed US–Iran tensions.
Sentiment was further pressured by fresh domestic data showing New Zealand’s private sector remained in contraction. The services sector shrank for a third consecutive month, albeit at a slower pace, while manufacturing expanded at its weakest rate in seven months. Disappointing Chinese economic figures added to the cautious mood, with investors also looking ahead to the PBOC’s interest rate decision later this week.
Losses were broad-based, with nearly all sectors in negative territory, led by consumer staples, followed by consumer discretionary and information technology. Among the notable decliners were A2 Milk (-5.1%), Mainfreight (-4.3%), Ebos Group (-3.4%), Freightways Group (-3.0%), Auckland International Airport (-1.6%), Fisher & Paykel Healthcare (-1.4%), and Infratil (-0.9%).
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