03.09.202523:16:00UTC+00New Zealand Stocks Extend Losses

The NZX 50 experienced a decline of 55 points, equivalent to 0.4%, reaching 13,020 during Thursday morning trading. This marks its second straight day of decline, driven primarily by setbacks in the utilities, healthcare, and financial sectors. Market participants remained cautious amidst ongoing uncertainties surrounding US tariffs and were keenly observing any related developments. On the domestic front, focus has shifted to the upcoming appointment of a new Reserve Bank of New Zealand Governor, which is anticipated within weeks. This comes against a backdrop of economic frailty and elevated unemployment levels. Nonetheless, remarks from several Federal Reserve officials on Wednesday highlighted persistent concerns in the labor market, reinforcing their belief that an interest rate cut remains probable. This perspective contributed to limiting further losses, fueling optimism for a rate reduction later this month. Concurrently, US stock futures showed minimal variation following a boost in the S&P 500 and Nasdaq, spurred by Alphabet's rally. Early in the trading session, notable declines were observed in Ryman Healthcare (-2.0%), Fletcher Building (-1.8%), Skellerup Holdings (-1.4%), Fisher & Paykel (-0.9%), Colonial Motor (-0.9%), and Hallenstein Glasson (-0.6%).