NZ shares fall as tight rate outlook sharpens focus on GDP
The S&P/NZX 50 index dropped 96.21 points, or 0.8%, to 11,671.19. Across the main board, 84 stocks fell, 47 rose and 53 were unchanged. Turnover was $225.6 million, of which Channel Infrastructure and Infratil accounted for $88.4m.
Companies typically held for their reliable dividends remained under pressure as investors absorbed the hawkish view of the Reserve Bank of Australia in keeping its target cash rate at 4.35% and NZ central bank chief economic Paul Conway’s speech outlining the path to a 2% inflation rate.
Argosy Property fell 1.9% to $1.03, Kiwi Property declined 1.2% to 79.5 cents, Goodman Property slipped 2.1% to $2.075, Precinct Properties decreased 1.3% to $1.135 and Stride Property was down 1.7% at $1.19.
“A lot of parts of the economy are doing it tough,” said Greg Smith, head of retail at Devon Funds Management. “There’s weakness in consumer confidence, manufacturing and services.”
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