NZ shares follow soft Wall St lead
The S&P/NZX 50 Index decreased 8.03 points, or 0.1 percent, to 11,543.67. Within the index, 21 stocks fell, 23 rose, and six were unchanged. Turnover was $108.1 million, with Metlifecare accounting for $44.4 million of that.
Stocks across Asia were mixed as some investors were optimistic and started the week on a positive note, with the US and China set to sign their preliminary trade agreement on Wednesday, while others followed the soft US employment data on Friday, which weighed on US equity markets.
Peter McIntyre, an investment adviser at Craigs Investment Partners, said the strong rally last year and lack of alternative investments meant investors would be willing to accept the dividend yield available on the local stock market, even if it can't repeat the 2019 performance.
“There’s no clear reason to jump out and switch into cash,” McIntyre said.
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