NZX 50 falls 0.9% as oil prices and weak sentiment weigh on market

  • NZX 50 fell 130 points as technology stocks led broad sector declines.
  • 130 points represented a 0.9% drop to 13,680, the lowest since September 15.
  • New Zealand consumer confidence eased in September as the index posted its first weekly decline in three weeks.

The NZX 50 fell 130 points, or 0.9%, to close at 13,680 on Friday, extending its decline to a third session and reaching its lowest level since September 15. Almost all sectors ended lower, led by technology stocks. Persistently high oil prices revived concerns about inflation expectations and interest-rate hikes after a report that the US had deployed more forces to the Middle East. Traders also remained cautious ahead of US jobs data due after the closing bell for clues about the Federal Reserve's upcoming monetary policy decision. Gains on Wall Street overnight and an easing Treasury selloff helped limit the decline, while New Zealand consumer confidence eased in September. Port of Tauranga fell 4.4%, Vulcan Steel and Sanford each lost 2.9%, EBOS Group declined 2.5% and Mainfreight dropped 1.3%. The index fell 0.9% for the week, its first weekly decline in three weeks.

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