Investor fatigue sets in after April rally
The S&P/NZX 50 Index fell 83.06 points, or 0.8 percent, to 10,449.01. Within the index, 28 stocks declined, 16 rose, and six were unchanged. Turnover was $132.9 million.
After a strong open following the long Anzac weekend, the local market dropped throughout this week as investors chose to lock in profits as April came to a close.
Mark Lister, head of private wealth research at Craigs Investment Partners, said investors were now taking stock after the record recovery.
“The NZX50 was up 7.5 percent in April, which is the best month we’ve had in more than four years and the fourth strongest month in the history of the index,” he said.
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