The NZX 50 dropped 116 points, or 0.9%, to 13,065 in morning trading on Monday, extending losses from the previous session and reaching its lowest level since April 2, tracking a decline in US futures. The broader index continued to fall after the US president said that the US military would block ships from Iranian ports following failed US-Iran peace talks. The US move, which will likely exacerbate global oil and fuel shortages, will have an impact on New Zealand as a country dependent on oil imports. Traders also anticipated the release of a slew of data from China, New Zealand's top trading partner, including Q1 GDP and the trade balance, later this week. Consumer staples led the decline, with Fonterra plunging 25.0%, as firms’ payout left farmers with up to NZ$400,000 in uncertain markets, while A2 Milk fell 11.7% on expectations of lower profit forecasts due to supply chain disruptions. Other decliners were Infratil (-1.1%), Mainfreight (-0.7%), and Westpac Banking Corp (-0.7%).