NZ shares snap 7-day rally

The S&P/NZX 50 Index fell 131 points, or 1%, to 13,193.01. Turnover was $197 million.

Without much rhyme or reason, global equity markets were weaker overnight, prompting NZ investors to hit pause on a remarkable rally that pushed the NZX 50 up 4.8% in August.

Harbour Asset Management said in a note that the delta variant had failed to dampen equity markets.

“This result was mainly driven by a much stronger earnings season than consensus market expectations, with the number of profit result beats against expectation higher than misses in the order of two to one at an earnings per share level,” it said in a note.