NZ shares sail through choppy waters as Nvidia spooks global investors
The S&P/NZX 50 Index advanced 18.84 points, or 0.2%, to 12,553.35. Across the main board, 41 rose, 93 stocks fell, and 45 were unchanged. Turnover was $126.6 million, of which Infratil accounted for $15.1m, Fisher & Paykel Healthcare $14.7m and Auckland International Airport $13.9m as investors sought out local blue-chip companies.
Wall Street set a muted tone for global stock markets as Nvidia sank 9.5% – wiping US$279 billion (NZ$451.2b) off its market capitalisation – as soft US manufacturing data stoked fears the world’s biggest economy may be on the turn and sapping optimism about the artificial intelligence boom. Reports that Nvidia had been subpoenaed in US authorities’ ongoing antitrust probes added to the gloom.
Still, NZ’s market fared better than many of its Asian peers as the dominance of blue-chip companies paying reliable dividends offered comfort to nervous investors.
Meanwhile, slowing Australian growth would likely dampen any appetite the Reserve Bank of Australia retained to hike its target cash rate further, which was an active consideration at last month’s rate review, adding to the lustre of firms offering higher dividend yields to investors.
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