NZ sharemarket tumbles half a percent

The S&P/NZX 50 Index fell at the opening and traded steadily to close at 11,884.1, down 52.04 points or 0.44%.

There were 60 gainers and 73 decliners on the main board, and volumes were again light with 26.88 million shares worth $91.79m changing hands.

Paul Robertshawe, chief investment officer with Octagon Asset Management, said the local market was softer than expected. “There’s not a lot of (company) news and the thin trading means some moves are over-exaggerated.

“The uptick in wholesale interest rates was noticeable and the defensive sector of property, retirement and utility stocks were hurt.”