Air NZ hits new lows, leading NZX50 to worst week since September 2024

air nz plane

 Air New Zealand crashed to all-time lows in a week when the national carrier led the S&P/NZX 50 index to its steepest weekly decline in 18 months, as surging jet fuel prices prompt airlines around the world to cancel flights as their margins get squeezed.

The local benchmark dipped on Friday in a mixed session across Asia, with trade-exposed firms such as Mainfreight, Port of Tauranga and Napier Port Holdings among those dragging the NZX50 lower as Brent crude oil futures crept back above US$100 a barrel.

Meanwhile, economic bellwether Freightways declined as several bank economists gave a soggy forecast for Statistics New Zealand’s December quarter gross domestic product figures, predating the disruption caused by the Middle East conflict.

And Channel Infrastructure clawed back earlier losses to post the biggest gain on the NZX50 on Friday as nations jostled to shore up their fuel supply, with the US relaxing sanctions on Russian oil production, China telling oil refiners to halt all fuel exports, Australia loosening fuel quality standards and Vietnam, Thailand and the Philippines among countries limiting fuel use.