Fletcher brings down the NZX
The S&P/NZX 50 Index fell sharply at the opening and couldn’t recover, declining 103.01 points or 0.88% to 11,652.16.
The index sat at 11,653.27 on Feb 19. There were 81 decliners and 56 gainers over the whole market on volumes of 24.95 million share transactions worth $84.4m.
Greg Smith, head of retail with Devon Funds Management, said the market was weighed down by some profit-taking in Fisher and Paykel and Meridian, which have had a good run lately.
He said the Reserve Bank's quarterly survey of expectations provided some glimmer of hope. Inflation was expected to be 2.73% in a year’s time and 2.33% in two years’ time, down from 2.5% and 3.22%, respectively, in the previous survey.
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