NZX 50 Drops Slightly But Monthly Uptrend Holds

The NZX 50 slipped 35 points or 0.3% to 12,550 in Monday morning trade, snapping a two-day winning streak amid caution ahead of China’s official June PMI release later today and upcoming private-sector survey results. As New Zealand’s largest trading partner, China’s economic signals carry significant weight for local markets. Attention also turned to New Zealand’s latest business confidence data, due today, after May figures fell to a 10-month low. Early losers included Gentrack Group (-2.5%), Ebos Group (-2.3%), and Third Age Health (-1.7%). Still, the benchmark index remains on course for a second consecutive monthly gain, up around 1% so far, supported by strong global sentiment. Wall Street’s S&P 500 and Nasdaq recently hit record highs amid optimism over a finalized U.S.-China trade deal. President Trump also hinted at 10 more trade agreements in the pipeline, including with India. Meanwhile, New Zealand’s trade surplus widened in May as exports continued to outpace imports.