New Zealand’s benchmark S&P/NZX 50 index fell 1% to close at 13,296 on Wednesday, marking its lowest level in two months, weighed down by losses among large-cap stocks. The local market followed a weak lead from Wall Street, where two of the three major US indices ended lower after a mixed US jobs report left the timing of the Federal Reserve’s next rate cut uncertain. Meanwhile, RBNZ Governor Anna Breman reiterated that the cash rate will remain on hold throughout next year, countering market expectations of two rate hikes. On the data front, consumer confidence rose to a one-year high in the fourth quarter, though it remained slightly below its long-term average. Heavyweights Fisher & Paykel (-1.7%), Meridian Energy (-3.0%), Infratil (-2.5%), Ebos Group (-2.7%), a2 Milk (-1.6%), and Spark NZ (-2.6%) posted sharp losses.
