NZX 50 Drops 0.9% Amid Oil Price Concerns

New Zealand's stock market continued its downward trend on Friday, falling for the third consecutive session and reaching its lowest level since September 15. The NZX 50 index dropped by 130 points, or 0.9%, to close at 13,680.

The decline was largely driven by persistently high oil prices, which raised concerns over inflation expectations and potential interest rate hikes. The market's sentiment was also affected by the US deploying more forces to the Middle East, as reported earlier in the week.

Additionally, fresh data showed that New Zealand's consumer confidence eased in September, further pressuring the market. However, an upbeat session on Wall Street overnight helped cap the fall and ease Treasury selloff.

The biggest laggards among the NZX 50 stocks were Port of Tauranga (-4.4%), Vulcan Steel (-2.9%), Sanford (-2.9%), EBOS Group (-2.5%), and Mainfreight (-1.3%). For the week, the index fell 0.9%, marking its first weekly decline in three weeks.