NZX50 dips amid Middle East nerves; Ngāi Tahu halves Sanford stake

New Zealand’s S&P/NZX 50 index fell for a third day as tensions in the Middle East continued to keep investors on edge, while Ngāi Tahu’s sale of half its Sanford stake prompted a little portfolio rejigging to buy some discounted fishing shares.

Building products firms and property developers were broadly weaker after Statistics New Zealand figures showed a softer pace of construction activity in the first three months of the year, with Vulcan Steel having its heaviest trading day since September.

Spark New Zealand continued to plumb new 15-year lows as it remained a drag on the wider board, with Goodman New Zealand, Infratil and a2 Milk Co also headwinds for the NZX50.

And retailers including Briscoe Group, Hallenstein Glasson Holdings and KMD Brands were softer despite ANZ saying its customers spent more on their credit and debit cards through May.