NZ shares edge lower as investors digest QE, covid fund
The S&P/NZX 50 Index fell 14.48 points, or 0.1 percent, to 10,730.68. Within the index, 26 stocks rose, 17 fell and seven were unchanged. Turnover was $157 million.
This week saw the Reserve Bank announce it would buy up to $60 billion of central and local government bonds - almost doubling its quantitative easing programme - while Finance Minster Grant Robertson oversaw a budget pumping money into mitigating the fallout from covid-19, including a $50 billion fund specifically for the response.
Today, the local market was weaker, ignoring stronger leads from global equity markets, with lighter volumes relative to what's been seen during the covid-19 crisis.
Shane Solly, a portfolio manager at Harbour Asset Management, said investors were absorbing the changes to fiscal and monetary policy.
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