NZ sharemarket starts week with a dip on interest rate concerns

The S&P/NZX 50 Index fell steadily all day and closed at 11,938.92, down 74.51 points or 0.62%, with the utilities sector declining 1.49%.

There were 64 gainers and 75 decliners over the whole market on volumes of 25.01 million share transactions worth $94.41m.

Jeremy Sullivan, investment advisor with Hamilton Hindin Greene, said the market was driven down by utility and industrial stocks on concern that interest rate rises still have a little bit further to go.

He said all eyes would be on Wednesday’s June consumer price index. The market is expecting headline inflation of 5.9%, slightly below the Reserve Bank’s forecast of 6.1%.