Dimming faith in interest rate cuts give NZ market the jitters
The S&P/NZX 50 Index was steady in the morning, down at lunchtime and up in the afternoon to close at 11,783.39, declining 26.09 points or 0.22%.
The index ended the week ahead 0.7% and is now up 0.1% for the year. There were 98 decliners and 37 gainers on the main board with 33.53 million shares worth $118.53m changing hands.
Paul Robertshawe, chief investment officer with Octagon Asset Management, said there was plenty of caution on the local market, especially concerning domestic cyclical stocks.
“Downgrades are still coming through, though there’s been some good results from companies steadying the ship such as My Food Bag and Eroad. Investors are trying to pick the bottom of the earnings cycle.
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