New Zealand stocks fall 1.0% as A2 Milk tumbles on profit drop

New Zealand's benchmark stock index fell 132 points, or 1.0%, to close at 13,722 on Monday, reversing the previous session's gains as consumer staples, real estate, consumer discretionary and industrial shares declined. Consumer staples dropped 3.9%, led by a 5.7% fall in A2 Milk after the company reported a 44% plunge in net profit for the 12 months ended June, citing supply chain disruptions that hurt sales of its China-label infant formula. The broader market slipped to its lowest level since July 21, tracking Wall Street's decline on Friday after disappointing economic data and reflecting weaker sentiment after New Zealand's private-sector growth eased in July. Losses were partly contained by data showing food inflation slowed to a 19-month low and credit card spending rebounded. Other notable decliners included Freightways Group, ANZ Group, Mainfreight, Westpac Banking Corp. and Fisher & Paykel.

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