18.12.202504:59:51UTC+00New Zealand Stocks Extend Drop

The S&P/NZX 50 index in New Zealand experienced a decline of 0.3% on Thursday, closing at 13,257, and marking its lowest point since late September. This drop follows losses from the previous session and correlates with downward trends seen on Wall Street, particularly influenced by further declines in AI-related stocks. Investors are keenly awaiting the release of US inflation figures later today, which are anticipated to provide more insight into the Federal Reserve's future interest rate decisions. Domestically, New Zealand's economy showed resilience by expanding 1.1% in the September quarter, rebounding from a 1% contraction in the earlier period. This growth surpasses the market's expectations of a 0.9% increase and exceeds the Reserve Bank's projection of a 0.4% rise. Leading the decliners were Fisher & Paykel, falling by 0.9%, Infratil by 1.8%, a2 Milk by 2.2%, and Air New Zealand by 0.9%. However, these losses were partially offset by gains in companies such as Meridian Energy, which rose 0.9%, Fletcher Building, up by 1.1%, Ryman Healthcare, increasing by 0.7%, and Argosy Property, which edged up by 0.8%.