New Zealand’s benchmark S&P/NZX 50 index fell 0.4% to close at 12,639 on Tuesday, giving back some gains from the previous session as investors moved to risk-off positions amid escalating Middle East tensions. Israel and Iran have begun a new round of attacks as their conflict enters its fifth day. Tehran has reportedly urged several countries to pressure the US for an immediate ceasefire, but Israel signaled no interest.
Adding to the bearish sentiment, fresh data showed New Zealand’s annual food inflation accelerated to 4.4% in May from 3.7% in April, the highest since December 2023. Investors are now awaiting key local data this week—including current account, consumer confidence, and Q1 GDP—for further economic clues. Among key stocks, notable losses were seen in Gentrack Group (-4.9%), Ryman Healthcare (-2.7%), Mercury NZ (-2.3%), Meridian Energy (-2.2%), and Fisher & Paykel (-1.9%).
