NZX 50 Ends 0.3% Lower, Marking Third Straight Loss

The NZX 50 fell 35 points, or 0.3%, to close at 13,401 on Wednesday, retreating for the third consecutive session, mainly weighed down by losses in communication services, utilities, and healthcare. The broader index tracked a fall on Wall Street overnight driven by a sharp sell-off in chip stocks. Traders were also cautious ahead of the release of the US final Q1 GDP data and the May PCE Price Index later this week, which could provide clues about the Federal Reserve’s monetary policy decision at its upcoming meeting, after it left interest rates unchanged last week. However, easing oil prices helped limit the decline as inflation concerns eased. Among the bottom performers were Meridian Energy (-2.5%), Summerset Group (-2.3%), Hallenstein Glasson (-1.4%), F&C Investment Trust (-1.2%), while Chorus and Contact Energy each fell 0.8%, and Ebos Group dropped 0.6%.

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