22.10.202623:03:00UTC+00NZX 50 Poised to End Week on a Low Note

The NZX 50 fell 47 points, or 0.3%, to 13,670 in Friday morning trade, extending the previous session’s losses and mirroring an overnight decline on Wall Street as the tech-sector selloff intensified. Investor caution dominated ahead of next week’s monetary policy decision by the RBNZ and the US Federal Reserve’s interest rate decision.

Markets continued to digest Q3 inflation data. While annual inflation eased to 3.7% in the quarter, sentiment remained wary amid expectations that inflation could edge higher again after a temporary pullback in fuel prices. Inflation also stayed above the RBNZ’s 1–3% target range. Rising oil prices added to the cautious tone, stoking concerns about inflation expectations and the possibility of further rate hikes.

Sector-wise, technology, consumer discretionary, and financial stocks dragged on the index. Notable decliners included Meridian Energy (-1.5%), East Income (-2.4%), EBOS Group (-0.9%), and Summerset Group. For the week, the benchmark is on track for a 0.6% decline, after ending nearly flat in the prior week.