The NZX 50 tumbled 420 points, or 3.1%, to close at 13,099 on Monday, extending losses in the prior session and marking an over two-week low. The slump tracked a sharp sell-off in U.S. futures as oil prices spiked to over $120 per barrel for the first time since 2022 amid the escalating Middle East conflict, stoking fears of supply disruptions and renewed inflation. Over the weekend, the U.S. and Israel launched fresh airstrikes across Iran, while Tehran named Mojtaba Khamenei as Supreme Leader. Traders largely shrugged off data from trading partner China showing February inflation hit a 3-year high, and producer deflation eased. Losses were broad-based, ahead of domestic data including Q4 manufacturing sales, February PMIs, and January visitor arrivals this week. Tourism and airline stocks were hit, with Tourism Holdings. down 5.5% and Auckland Intl. Airport off 4.7%. Other laggards included Scott Tech. (-6.8%), Gentrack Group (-5.0%), and Fisher & Paykel Healthcare (-4.8%).
