Energy stocks lead the NZ sharemarket down
The S&P/NZX 50 Index fell sharply at the opening and finished at 11,140.4, down 57.25 points or 0.51%. The index was slightly ahead for the week thanks to the 1.3% surge on Monday and has now fallen less than 3% so far this year.
There were 46 gainers and 74 decliners over the whole market on very light trading of 22.42 million shares worth $49.38m.
Shane Solly, portfolio manager with Harbour Asset Management, said the market took two steps forward and then today one step back.
“We had (US Federal Reserve chair) Jerome Powell warning that more work may be needed to bring down inflation, and the NZ Purchasing Managers’ Index was pretty weak, suggesting a downside risk with the slowing economy. And we rip into the reporting season next week. It added up to a soft ending for the week,” Solly said.
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