03.04.202523:14:08UTC+00New Zealand Stocks Set to Close Week on Low Note

New Zealand's stock market experienced a notable downturn, falling by 154 points, or 1.3%, to a level of 12,185 during Friday morning's trading session, marking its lowest point in nearly two weeks. This decline interrupted gains recorded in the previous session. Most sectors registered losses, with consumer staples leading the decline at 3.0%, influenced by concerns regarding the impact of U.S. tariffs. Such tariffs have triggered apprehension that certain manufacturing companies could be significantly impacted. Goods exported from New Zealand will now incur a 10% tariff when entering the U.S., a notable development considering that last year, the U.S. stood as New Zealand's second-largest export market. Over the past ten years, trade between the two countries has almost doubled, totaling USD 9 billion. The NZX 50 index mirrored a significant drop on Wall Street from the previous evening, driven by concerns that tariffs imposed by the Trump administration could provoke a global retaliation, potentially weighing down economic growth. Notable decliners included A2 Milk, which fell by 3.8%, ANZ Group, down by 2.3%, Westpac Banking Corp, losing 1.9%, as well as Ebos Group and Fisher & Paykel, which declined by 1.2% and 1.1%, respectively. For the week, the index is projected to decline by 0.8%, following gains observed in the prior week, as worries over the possibility of a global trade war loom.