The NZX 50 dropped 86 points, or 0.7%, to close at 12,826 on Wednesday, reversing earlier gains after rising in the previous session, as investors remained cautious ahead of the Reserve Bank of New Zealand meeting next week amid uncertainty over global conditions caused by the war. Market sentiment was further pressured by a slowdown in Chinese factory activity, New Zealand’s top trading partner.
Still, a rise in U.S. futures after all three major indexes surged during the regular session, amid renewed Middle East de-escalation hopes, helped cap the losses. Consumer staples, utilities, and real estate led the declines, though gains in energy, materials, and industrials also limited the downside. The top losers were Infratil (-3.8%), Ryman Healthcare (-2.8%), A2 Milk (-2.7%), Delegat Group (-1.6%), and Fisher & Paykel Healthcare (-0.8%).
