Local shares hold up despite overseas slowdown worries

The S&P/NZX 50 Index fell to a midday low of 12,326.9 before recovering to a close of 12,453.04, down 34.9 points or 0.28%.

The index was ahead 0.5% for the week. There were 92 decliners and 43 gainers over the whole market with 38.89 million shares worth $136.5m changing hands.

Shane Solly, portfolio manager with Harbour Asset Management, said weak economic data in the United States could be a risk for global economic activity and a potential recession – “and we have increasing geopolitical tension in the Middle East”.

He said the price of gold (US$2460 an ounce) has gone up again and “this tells you that investors are getting anxious".