New Zealand’s benchmark S&P/NZX 50 index dropped 0.5% to close at 12,569 on Thursday, marking its third straight session of declines, as intensifying geopolitical tensions kept investors on edge. The air war between Israel and Iran has now entered its seventh day, with President Donald Trump has the world guessing about whether the US will join Israel’s bombardment of Iranian nuclear sites.
On the domestic front, fresh data showed New Zealand’s economy grew by 0.8% in the March quarter, just pipping forecasts of 0.7% and following a revised 0.5% expansion in the previous quarter. The data suggests a firming economic recovery and reinforced the case against a rate cut in July. Among large-cap stocks, notable losses were seen from Infratil (-1%), Mainfreight (-3.3%), Contact Energy (-1%), and Spark NZ (-1.1%).
