NZX50 falls for fourth week as Middle East ceasefire hopes dwindle

New Zealand’s S&P/NZX 50 index fell for a fourth week in its longest losing run since February last year, as optimism over US President Donald Trump’s offer to cut a peace deal with Iran dwindled with the Islamic Republic’s reluctance to engage.

Travel software firm Serko was the hardest hit on the NZX50 across the week, with tech stocks feeling the pinch from rising interest rates, while infrastructure investor Infratil bounced back, with a stronger outlook for its CDC data centre arm in the coming year.

The benchmark index snapped a two-day rally to end Friday weaker, with Mainfreight and Freightways giving up Thursday’s gains as Brent crude prices climbed back above US$100 a barrel and German shipping liner Hapag-Lloyd warned trade flow disruptions from the Middle East conflict threatened its bottom line in the coming year.

Meanwhile, retailers were broadly stronger, with KMD Brands extended its trading halt as it tries to wrestle a capital raising over the line, while Hallenstein Glasson Holdings and Warehouse Group rallied on their respective first-half results, buoying Briscoe Group despite a drop in household confidence in the latest ANZ-Roy Morgan survey.