NZX50 joins global rout as Fletcher, Westpac lead decline

New Zealand’s S&P/NZX 50 index joined a global rout to start the week as investors’ nerves were frayed by the prospect of the Middle East conflict dragging out, with Fletcher Building and Westpac Banking Corp leading the local bourse lower amid fears of the energy shock’s impact on the broader economy.

Transport and tourism stocks such as Air New Zealand, Napier Port and Freightways were among the decliners as the government prepares to move up the alert phases of its fuel plan if needed, with other nations looking at restrict driving and cut fuel taxes.

Meanwhile, NZX was among the few gainers on its own bourse after nailing down an April launch for its revived S&P/NZX 20 index futures product.

And contract labour firm Accordant Group is seeking to raise $6.7 million at a 50% discount to repay debt, while KMD Brands is still in a trading halt as it works to close its protracted capital raising.