NZ sharemarket continues decline
The S&P/NZX 50 Index fell at the opening after another weak day on Wall Street and was once again rescued with a rise in the end-of-day broker matching session. The index closed at 11,836.04, down 39.31 points or 0.33%, after reaching an intraday low of 11,730.98.
There were 66 gainers and 69 decliners on the main board, with 29.28 million shares worth $117.33m changing hands.
Paul Robertshawe, chief investment officer with Octagon Asset Management, said the market is adjusting to the (March quarter) consumers price index numbers and the disappointment that interest rate cuts may be pushed out past August.
“This means that companies, particularly those exposed to consumer spending, may have weaker earnings for a longer period, and there’s a rotation out of cyclical stocks. But it doesn’t feel like the market is in trouble,” he said.
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