NZX 50 Plunges 2.8% Amid Oil Price Spikes and Rising Rates

New Zealand's S&P/NZX 50 index plummeted to its steepest weekly decline in four years, dragged down by oil price spikes and rising interest rates. The index dropped 130.68 points, or 1%, to 13,580.33, marking a 2.8% fall since the previous week.

The largest companies on the NZX 50, including Fisher & Paykel Healthcare and Auckland International Airport, were among the main contributors to the decline, with investors uncertain about the outlook for oil prices and interest rates.

Rising bond yields in Asia also weighed on markets, with the European Central Bank hiking its deposit rate overnight. Brent crude oil futures climbed 0.2% to US$107.81 a barrel, while forward pricing fell below US$100/barrel from January 2027.