NZ shares fall as rate cut question weighs

The S&P/NZX 50 Index declined 13.06 points, or 0.1%, to 11,735.42. Across the main board, 12.9 million shares were traded for a turnover of $40.3 million as 73 stocks fell and 63 rose. 

No companies crossed the million-share volume today, with Spark NZ being the most heavily traded, with 840,000 shares changing hands as it rose 0.7% to $5.155. 

“It’s a very quiet and very low volumes – we’re still a week away before the big players come back into the market,” said Grant Williamson, a director at Hamilton Hindin Greene. 

United States employment figures were stronger than expected on Friday, and ANZ economists today said the momentum in jobs growth appeared too strong for the US Federal Reserve to start cutting its benchmark interest rate, despite the slowdown.