NZX50 falls 2.8% this week as inflation rears its head
The NZX 50 declined 60.26 points, or 0.5%, to 12,367.86 today. Of the 186 listed stocks on the main board, 61 fell and 69 rose, with market turnover $124.2 million.
The local market was one of the worst performers across Asia today as US inflation indicators raise the prospect of higher interest rates.
Trading was relatively muted with just 10 companies trading on volumes of more than a million shares, with the announcement of the new default KiwiSaver providers signalling a shift in several billion dollars of funds under management in the coming months.
NZX’s Smartshares was among the winning bidders, although the stock market operator fell 2.5% to $1.99. Low-cost provider Simplicity also won a mandate.
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