Updates

** Shares of Air New Zealand AIR.NZ fall as much as 3.5% to NZ$0.415, their worst trading session since April 17

** Stock hits its lowest level since May 6

** New Zealand's flag carrier forecasts its biggest annual pre-tax loss in four years due to high fuel costs following the conflict in the Middle East

** Company expects annual pre-tax loss of NZ$340 million to NZ$390 million ($201.62 million-$231.27 million), a turnaround from a profit of NZ$189 million last year

** Loss would be the carrier's largest since 2022 and wider than the Visible Alpha consensus forecast of NZ$308.2 million

** "Air New Zealand is clearly facing a difficult combination of headwinds... in my view, a near-term equity raise does not look inevitable from here," says Jeremy Sullivan, investment adviser at Hamilton Hindin Greene

** Stock down over 27% this year, including session's move