A depressed New Zealand economy is hurting ASX-listed companies, with construction materials supplier Fletcher Building, job classifieds group Seek and retailer Kathmandu revealing results this earning season affected by the downturn.

Allan Gray’s Simon Mawhinney says it may be too early to tell whether it’s a signpost of things to come in the Australian market – and how quickly the New Zealand economy will recover from rate hikes now the central bank has begun easing.