Market flat as property stocks fall on National policy

The S&P/NZX 50 Index had a choppy session when National announced its $14.6 billion tax plan and closed at 11,521.12, down 7 points or 0.06%. The index reached an intraday low of 11,473.4 points and had a late flurry.

There were 69 gainers and 60 decliners over the whole market on volumes of 35.02 million shares transactions worth $128.18m. Summerset Group, up 4c to $9.90, had $20.82m worth of its shares change hands.

Greg Smith, head of retail for Devon Funds Management, said the National tax plan was net positive for NZ Inc and is providing relief for those hit hardest by the cost-of-living crisis – NZ households.

“But property companies have been put on the back foot with the depreciation tax breaks ending – and that involves Auckland International Airport, which has one of the biggest property portfolios in the country.”