NZX 50 putters out; Infratil, F&P Healthcare drive weekly gain
The S&P/NZX 50 Index declined 63.16 points, or 0.5%, to 12,651.51, to end the week up 1.3%. Across the main board, 86 stocks fell, 50 rose, and 43 were unchanged. Turnover was $111.8 million, with eight companies trading on volumes of more than a million shares.
Stock markets across Asia were mixed ahead of US nonfarm payrolls figures, which analysts say may determine the size of the Fed’s rate cut later this month. Other labour market figures have shown that the US job market has been cooling.
“It’s probably one of the more important data releases over the last month and in the runup to the Fed meeting,” Greg Smith, head of retail at Devon Funds Management, said.
“There are some concerns that the US economy may be slowing too fast, and they don’t want anything that disrupts the soft landing.” That unwound some of the week’s gains with the local market propelled higher by Infratil and F&P Healthcare toying with all-time highs.
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