NZ sharemarket drifts lower amid sliding business confidence
The S&P/NZX 50 Index was up and down all day and closed at 11,776.73, easing 12.65 points or 0.11% after reaching a high of 11,809.73 and a low of 11,748.63.
There were 77 gainers and 53 decliners over the whole market on volumes of 31.38 million share transactions worth $110.46m.
The NZIER’s June Quarterly Survey of Business Opinion showed a net 35% of firms expected a deterioration in the general economic outlook over the coming months on a seasonally adjusted basis.
A net 28% reported a decline in activity in their own business in the June quarter, up from the 24% seen in the previous quarter. A net 35% plan to reduce investment in buildings, while a net 27% are reducing investment in plant and machinery over the coming year.
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