NZ shares fall as kiwi dollar weighs on offshore earners
The S&P/NZX 50 Index declined 51.14 points, or 0.5 percent, to 11,171.80. Within the index, 29 stocks rose, 18 fell, and three were unchanged. Turnover was $238.5 million.
The rising kiwi dollar, which climbed to near 65 US cents today, cut short a week-long rally on the benchmark index as firms which earn foreign currencies fell away. Despite today’s fall the NZX 50 rose 2.6 percent across the week.
General manager at CMC Markets NZ, Chris Smith said the strengthening kiwi had been the big story as it continued to recover against the weakening US dollar.
“We are seeing stocks that are exposed to the US dollar and offshore earnings weaker and local names do better,” he said.
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