NZX 50 falls for 4th day as investor sentiment cools across Asia

Image: Mainfreight gained after reiterating its growing momentum. Source: Mainfreight

New Zealand’s S&P/NZX 50 index joined the broadly weaker day across Asia as reports that Dutch chip machine supplier ASML plans to raise prices weighed on chip stocks across the region, with data centre investors such as Infratil and Australia’s NextDC among those on the red side of the ledger.

Meridian Energy was among the heavyweight companies weighing on the local benchmark after the country’s biggest electricity generator said forward wholesale prices had come down on the development pipeline of new generation.

Meanwhile, logistics group Mainfreight gained after reiterating its growing momentum in the first two months of the financial year, while Brent crude oil prices dipped despite reports that US President Donald Trump was leaning towards expanding military operations in Iran.