NZ sharemarket slides as investors digest fast food results

The S&P/NZX 50 Index held its ground in the morning but then steadily declined to close at 11,868.75, down 65.49 points or 0.55%. The index has risen 3.6% so far this year.

There were 46 gainers and 89 decliners over the whole market, with 32.57 million shares worth $117.55m changing hands.

Greg Main, a Jarden Wealth Management adviser, said investors were taking a cautious stance on the local market heading into the company reporting season, which starts in earnest next week.

“There’s the hangover of the Restaurant Brands downgrade and Fletcher Building’s additional provision for the NZ International Convention Centre. The cyclical stocks are a bit exposed, and it will be interesting to see what the companies say in their outlook [during the reporting season],” Main said.