Blue-chip stocks knocked by growing inflation concerns
The S&P/NZX 50 Index fell 75.85 points, or 0.6% to 12,564.21. Across the wider market, 96 stocks of the 186 listed securities fell and 52 rose. Turnover on the NZX main board was $204 million.
The local market has been on the back foot in recent days due largely to A2 Milk’s latest earnings downgrade. The milk marketing firm appeared to find a base today, up 0.2% at $6.20.
Stocks across Asia were weaker, following Wall Street lower as investors weighed up whether rising fuel costs and a tighter US labour market will drive up consumer prices.
Blue-chip companies paced today’s decline on the local market, with Meridian Energy down 1.7% at $5.35, Fletcher Building down 2% at $7.25, Air NZ falling 0.9% at $1.65, and Fisher & Paykel Healthcare falling 1.5% to $33.30.
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