NZX 50 Tumbles on US Inflation Fears, Kiwi Dollar Hits 13-Year Low

New Zealand's S&P/NZX 50 index declined along with most Asian stock markets due to concerns over US inflation data and elevated oil prices. This has led investors to believe that the Federal Reserve may hike its benchmark interest rate next week.

The kiwi dollar hit a new 13-year low against the Australian dollar after Reserve Bank of Australia assistant governor Sarah Hunter expressed worries about the pace of price rises in Australia, hinting at another interest rate increase. Heavyweight companies such as Auckland International Airport and Mainfreight weighed on the NZX 50 index.

KMD Brands posted a significant gain after welcoming Australian surfwear firm Ghanda Clothing's owner to its share register, while Tower gained 1.8% to $1.965. Vulcan Steel declined by 6.8% after its chair disclosed a sale of 120,000 shares for $834,000.