The S&P/NZX 50 index fell 0.75% to end at 13,289 on Friday, snapping a two-day advance as it tracked a weak lead from Wall Street. US stocks retreated as regional banks slumped on concerns over credit quality, compounded by worries about US-China trade tensions and a government shutdown. Meanwhile, domestic investors now await the release of the third-quarter CPI data next week for further clues on the Reserve Bank of New Zealand’s monetary policy outlook. On the corporate side, ERoad was the biggest drag on the index, plunging 34.7% after the transport software company stepped back from its North American expansion plans amid challenging market conditions. Heavyweights also contributed to the decline, including Fisher & Paykel (-2.8%), a2 Milk (-2.4%), and Spark NZ (-0.8%). Other notable losers included Precinct Properties (-1.6%), Ryman Healthcare (-1.4%), and Vulcan Steel (-2.35%). For the week, the NZX 50 slipped 1.3%, its second consecutive week of losses.
