NZ sharemarket drifts down ahead of reporting season

The S&P/NZX 50 Index drifted all day and closed at 11,872.33, down 79.84 points or 0.67%.

There were 58 gainers and 76 decliners on the main board, with 29.4 million shares worth $108.6m changing hands.

Jeremy Sullivan, investment advisor with Hamilton Hindin Greene, said the S&P 500 in the United States is heading for a record close, but it was very quiet on the local market.

“I think investors are sitting on their hands waiting for the reporting season to begin next week and seeing the latest company financial results,” he said.