The NZX 50 fell 79 points, or 0.6%, to close at 13,754 on Friday, reversing gains from the morning session and the previous two days. The decline was led by weakness in utilities, communication services, and real estate stocks.
Sentiment was weighed down by fresh data showing food inflation rising to a three-month high, while electronic card spending continued to decline in September. Investors were also cautious ahead of next week’s releases of Q3 inflation and September trade figures, as well as a raft of key Chinese indicators, including GDP growth.
The overall drop was partly limited by faster growth in New Zealand’s factory activity in August. A positive session on Wall Street overnight also helped curb losses, as the recent tech selloff eased and US Treasury yields retreated.
Notable decliners included Vulcan Steel (down 2.4%), Mainfreight (1.5%), Hallenstein Glasson (1.3%), AFT Pharmaceuticals (1.1%), and Infratil (1.0%). For the week, the index was broadly flat, after posting gains in the previous week.
The material has been provided by InstaForex Company – www.instaforex.com