The NZX 50 fell 20 points, or 0.1%, to 12,568 in Tuesday morning trading, after hitting a four-week high in the previous session, weighed down by healthcare, industrials, and consumer staples.
Traders assessed the impact of US military action in Venezuela over the weekend and the possibility of rising geopolitical tensions.
Meanwhile, investors anticipated the release of US jobs data to guide the Fed’s monetary policy.
Caution was also built ahead of the release of consumer and producer price data from China later this week, which will help guide the outlook for the Chinese economy, New Zealand’s top trading partner.
However, an overnight rally on Wall Street, with the Dow Jones hitting a fresh record high, capped the decline, as the U.S. attack on Venezuela was not seen as an immediate escalation of geopolitical risks.
Among early losers were South Port New Zealand (-1.7%), Fisher & Paykel (-1.1%), Colonial Motor (-1.1%), Auckland International Airport (-0.7%), and A2 Milk (-0.5%).