New Zealand shares slipped into the red to close a relatively quiet Friday trade following the previous session's gains.
The S&P/NZX 50 Index shed 0.3%, or 34.2 points, to close at 12,457.41.
Fletcher Building's (ASX:FBU, NZE:FBU) led the decline to close nearly 6% lower. Moody's affirmed the homebuilder's Baa3 credit rating and revised the outlook from negative to stable, reflecting the company's improved capital structure following its announced equity raise and planned debt repayment.
In economic news, the ANZ-Roy Morgan Consumer Confidence rose to 95.1 in September, logging its highest level since 2022 as cheaper borrowing rates helped drive brighter prospects for the future.
Meanwhile, the Reserve Bank of New Zealand argued in a report that unbundling banking services could disrupt the structural advantages of incumbent banks as the government looked into stirring competition in the country.
In property, ANZ said in its September report that the housing market is yet to see the impact of falling interest rates, with house prices likely to correct further over the coming months to clear the backlog.
In other corporate news, Air New Zealand (NZE:AIR, ASX:AIZ) Chief Operational Integrity and Safety Officer David Morgan resigned. The stock closed down almost 1%.
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