12.03.202622:58:39UTC+00New Zealand Stocks Set for Back-to-Back Weekly Declines

New Zealand shares fell 71 points, or 0.5%, to 13,130 in early trading on Friday, extending losses for a second session after Wall Street weakened on the back of surging oil prices. Iran’s decision to keep the Strait of Hormuz closed intensified inflation concerns, leaving the NZX 50 on track for a second consecutive weekly decline, down nearly 3% so far.

Investor caution also persisted ahead of key domestic data due next week, including February food inflation figures and Q4 GDP. On the trade front, the U.S. opened a new investigation into several major partners, including China, following last month’s Supreme Court ruling that struck down a key component of the Trump-era tariffs.

Some of the downside was tempered by encouraging domestic indicators. New Zealand’s manufacturing activity expanded for a third straight month in February, while visitor arrivals rose 4.1% year-on-year, driven primarily by an increase in Australian tourists.

Weakness was broad-based across sectors, with consumer durables, healthcare, and non-energy minerals under pressure. Among notable decliners were Spark NZ (-2.2%), Freightways (-2.2%), Infratil (-1.4%), and Turners Automotive (-1.2%).