NZ sharemarket down after wobbly trading day
The S&P/NZX 50 Index traded in a narrow range of 11,695.68 and 11,746.02 before closing at 11,724.21, down 20.18 points or 0.17%.
There were 76 gainers and 67 decliners over the whole market on volumes of 49.63 million share transactions worth $138.75m. Precinct Properties, up 1c to $1.19, topped the individual trading list with 16.9m shares worth $20.15m changing hands.
Jeremy Sullivan, investment advisor with Hamilton Hindin Greene, said the Nasdaq Composite and S&P 500 indices in the United States are sitting at record highs.
“Expectations of a soft economic landing and interest rate cuts and interest in artificial intelligence stocks have seen their markets climb higher. The moves have not translated to the NZ market and broader investor sentiment is based offshore.”
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