NZ Stock Market Dips Amid Consumer Staples Woes

New Zealand's stock market took a hit on Monday morning, dropping 103 points to 13,751, a decline of 0.7%. This erases gains from the previous session and marks the lowest level since July 31.

The main culprit behind this downturn is the consumer staples sector, which plummeted by 5.8% due to supply chain disruptions affecting sales of infant formula in China for A2 Milk.

A2 Milk's stock slumped 8.9% after reporting a 44% plunge in net profit for the 12 months ended June.

However, not all news was bad as fresh data showed food inflation slowing to a 20-month low and credit card spending rebounding. The services sector also recorded its strongest growth in seven months.