NZX 50 Slips 0.3% Amid Inflation Concerns and Q2 Unemployment Spike
New Zealand's stock market took a hit on Thursday, with the NZX 50 index falling 0.3% to close at 13,958. The decline halted gains from the previous three sessions and comes as investors assess the impact of rising inflation and unemployment.
The unemployment rate in New Zealand rose to 5.6% in Q2, its highest since Q3 2015, sparking questions about the Reserve Bank of New Zealand's (RBNZ) next monetary policy move.
Traders were also cautious ahead of China's trade data and US jobs data releases on Friday.
The decline was led by healthcare, energy, consumer discretionary, and financials sectors, with Fisher & Paykel (-1.6%), Australian Foundation Investment (-1.5%), Freightways Group (-1.3%), Ebos Group (-1.1%), and Infratil (-0.9%) being the biggest laggards.