New Zealand’s benchmark S&P/NZX 50 index closed 0.3% lower at 12,046 on Wednesday, marking its third consecutive decline and hitting a fresh seven-month low.
The index tracked losses on Wall Street amid economic concerns due to President Donald Trump’s trade policies, while investors awaited the Federal Reserve’s policy meeting for further guidance.
In domestic news, consumer confidence in New Zealand weakened in the first quarter, weighed down by persistent cost-of-living pressures and worries about a global trade war.
Investors are now focused on the fourth-quarter GDP data set for release on Thursday, with analysts expecting the economy to expand by 0.4% quarter-on-quarter, while shrink by 1.4% year-on-year.
Among major stocks, utility providers Meridian Energy, Mercury NZ, and Contact Energy lost 0.65%, 0.9%, and 1.3%, respectively.
Aged-care stocks also struggled, with Ryman falling 2.1%, while Oceania and Summerset each dropped 1.6%.