NZ sharemarket drops for seventh time in eight days
The S&P/NZX 50 Index rose momentarily at lunchtime but closed down 38.64 points or 0.32% to 11,973.59. Over those eight days, the falls were mainly small, with the index down by 0.77%.
There were 80 gainers and 63 decliners on the main board, with 26.94 million shares worth $97.98m changing hands.
David McConnochie, investment adviser with Forsyth Barr, said the local market was in “wait and see mode” for the Reserve Bank monetary policy statement on Wednesday.
“The market is looking for any signal when interest rate cuts begin,” he said. “The European Central Bank also meets on Thursday night (NZ time) and may beat the United States to rate cuts in June.”
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