NZX50 slumps as ‘Sell America’ sentiment carries on in Asia
Gold’s rally continues to buoy mining companies.
Wednesday, January 21st 2026, 6:58PM
by Paul McBeth
New Zealand’s S&P/NZX 50 index was one of the worst-performing stock markets across Asia with the slump on Wall Street extending into the local session as US President Donald Trump’s campaign to secure Greenland continues to unnerve investors.
The local bourse was a sea of red as 40 of the top 50 companies declined, including heavyweights Infratil, Auckland International Airport and Meridian Energy while Ebos Group came in for a third day of heavy trading as few sectors dodged the downturn.
A surging gold price hit new highs, helping locally listed junior miners avoid the worst of today’s decline, with Santana Minerals and Manuka Resources on the green side of the ledger.
Meanwhile, prime minister Christopher Luxon announced this year’s general election will be held on Nov 7, in what’s set to be a long campaign as political parties jostle for the Treasury benches of Parliament.
Trump slump
The NZX50 dropped 156.76 points, or 1.2%, to 15,417.17, with 40 stocks declining, seven gaining and three unchanged. Turnover across the main board was $146.7 million, of which Ebos accounted for $41.1 million as it 0.8% to $26.
The healthcare products maker came in for a third day of heavy trading, with a single trade of 1.4 million shares changing hands at $26 and accounting for $36.4 million of that turnover.
The NZX50 was one of the worst performers across Asia, with Australia’s S&P/ASX 200 index down 0.4% in late trading, while Japan’s Nikkei 225 index dropped 0.7% and Hong Kong’s Hang Seng dipped 0.2%. The kiwi dollar traded at 58.30 US cents at 5pm in Auckland from 58.23 cents yesterday.
Wall Street set a heavy tone for the Asian session as the major indices dropped sharply after returning from the long weekend, with the volatility index spiking higher and investors continue to seek refuge in gold as US President Donald Trump continues to pressure Europe to drop its opposition to his designs on Greenland.
“Trump’s plans of acquiring Greenland and further trade tensions with the European Union have sent markets weaker in Asia and NZ and a general risk off sentiment,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. “The NZX market has surprised to the downside in Asia today, considering the amount of defensive stocks that trade on the NZX50.”
Serko led the benchmark index lower, falling 3.6% to $2.94, while Tower declined 3.1% to $1.90 and Ryman Healthcare dropped 2.7% to $2.90.
The weakness was widespread and blue chips weighed on the benchmark as Auckland International Airport fell 2.6% to $8.26 and Infratil declined 1.4% to $11.
More power
Meridian Energy fell 2.5% to $5.55 and Mercury NZ slipped 0.5% to $6.47 after the electricity generator-retailers released their latest operating updates, showing high inflows into the hydro schemes.
Kiwi Property Group was the most heavily traded stock on the day with a volume of 1.6 million shares as it nudged up 0.5% to $1.055, while Gentrack posted the biggest gain, advancing 2.8% to $8.22.
Retailers were broadly weaker after ANZ Bank New Zealand said card spending on its network rose 0.4% in December, with apparel the only category to register a decline in the month.
KMD Brands slipped 1.8% to 27 cents and Hallenstein Glasson Holdings fell 1.3% to $9.72, while outside the benchmark index, Warehouse dropped 3.3% to 74.5 cents and Michael Hill International decreased 2.3% to 43.5 cents. Briscoe Group rose 1% to $5.12.
Mining stocks were generally buoyed by gold hitting new records, with futures up 1.6% at US$4,844 an ounce at 5pm in Auckland.
Santana Minerals gained 0.8% to $1.355, while Manukau Resources climbed 3.8% to 19.3 cents and the Smart gold exchange traded fund rose 2.3% to $4.445. Minerals Exploration was unchanged at 23.5 cents and New Talisman Gold Mines sank 4.4%, or 0.1 of a cent, to 2.2 cents.
T&G Global rose 2.2% to $2.35 after the fruit exporter said it returned to profit in 2025, with pre-tax earnings between $16 million and $20 million in the calendar year, compared to a loss of $6.8 million in 2024.
Fonterra Shareholders’ Fund units slipped 0.6% to $8.149 and Synlait Milk decreased 0.8% to 62 cents after the GDT milk price index rose 1.5% to an average winning price of US$3,615 a tonne at the latest Global Dairy Trade auction. Rural services firm PGG Wrightson increased 0.5% to $2.23.
And prime minister Christopher Luxon announced Nov 7 as the date of this year’s general election, with Parliament to be dissolved on Oct 1.
Paul is a staff writer for Good Returns based in Wellington.
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