NZ sharemarket dips on light trading
With the Australian exchange closed for the King’s Birthday public holiday, the S&P/NZX 50 Index declined in the morning and then levelled out to close at 11,787.57, down 68.99 points or 0.58%.
There were 53 gainers and 83 decliners over the whole market on light trading of 20.98 million shares worth $75.38m.
The major United States indices were down over the weekend (NZ time) on hotter-than-expected jobs growth and sticky wage inflation.
Greg Smith, head of retail with Devon Funds Management, said the markets had a dose of reality with the hot jobs number. Their enthusiasm for an interest rate cut in September – following Canada and the European Central Bank’s moves last week – has now diminished from a 70% probability to 55%.
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