New Zealand’s benchmark S&P/NZX 50 index fell 0.6% to close at 13,371 on Wednesday, extending losses from the previous session to its lowest level in three weeks. Caution prevailed ahead of the US Federal Reserve’s rate decision later in the day, with analysts expecting the central bank would move forward with a “hawkish cut.” Meanwhile, Reserve Bank of New Zealand Governor Anna Breman said that there is no predetermined path for interest rates, adding that the RBNZ will adjust its policy as needed while closely monitoring incoming economic data. Among index heavyweights, Fisher & Paykel (-0.3%), Infratil (-0.8%), Mercury NZ (-1.7%), a2 Milk (-0.9%), and Spark NZ (-0.4%) finished lower. Other notable decliners included Fletcher Building (-0.5%), Kiwi Property (-0.5%), Channel Infrastructure (-0.4%), and Argosy Property (-1.6%).
