NZX 50 Ends at 2-Week Low, Falls 0.9%

The NZX 50 dropped 124 points, or 0.9%, to close at 13,038 on Monday, halting gains from the previous session and touching its lowest level since May 25, tracking a downbeat session on Wall Street on Friday due to a steep selloff in semiconductor shares. Concerns about renewed tensions in the Middle East also pressured sentiment after Israel launched retaliatory strikes on Iran following Tehran’s attacks on northern Israel. Traders also awaited the release of US inflation data and China’s inflation and trade balance figures, as well as New Zealand business PMI data later this week. Industrial, technology, utilities, and energy stocks mainly weighed on the index, with notable losses from Freightways Group (-3.4%), Henderson Far East Income (-2.7%), Auckland International Airport (-2.5%), and Meridian Energy (-2.4%), while Fletcher Building and Mainfreight each fell 1.9%, Contact Energy shed 1.3%, and Infratil dropped 1.2%.
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