New Zealand shares declined for a third consecutive time on Monday, pulled down by banks and healthcare stocks as U.S. jobs data dealt a further blow to the already subdued rate-cut bets from the Federal Reserve.

The benchmark S&P/NZX 50 index closed down 0.6% to 11,787.5700. Markets in Australia were closed for a public holiday.

Wall Street stocks closed lower on Friday, hurt by stronger-than-expected U.S. jobs data, with shares in New Zealand closely following suit.

Data released by the U.S. labor department revealed that the economy added around 272,000 jobs in May, exceeding market expectations.

"Investor sentiment and institutional fund flows are highly correlated to changes in US economic data," said investment advisor Tom McBride, adding that the US jobs data also "impacted" the market in New Zealand.

The next Federal Open Market Committee (FMOC) meeting will be held later this week, from June 11-June 12, in which over 99% of the market expect them keep its rate unchanged in this week's meeting, according to the CME FedWatch tool.

In New Zealand, freight operator Move logistics lost 6.1% while Tourism Holdings shed as much as 6.1%, marking its lowest level since August 14, 2020.

Cancer diagnostics firm Pacific Edge dropped 5%, its worst day since May 21.

The Reserve Bank of New Zealand (RBNZ) will hold its next policy meeting on July 10.

"I believe both the RBA (Reserve Bank of Australia) and the RBNZ will be waiting for the FED to make its first interest rate move in either direction," said Brad Smoling, managing director of Smoling Stockbroking.


(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)