NZX50 falls for 2nd day as price intentions pose inflation question
New Zealand’s S&P/NZX 50 index fell for a second day as the latest ANZ business outlook survey showed growing plans by firms to hike their prices, raising concerns the Reserve Bank will have to lift the official cash rate this year and knocking commercial landlords such as Property for Industry and Argosy Property.
Inflation was already back on investors’ minds after Australia’s accelerating inflation raised the prospect of a rate hike across the Tasman, while Federal Reserve chair Jerome Powell’s upbeat outlook on the US economy kept it top of mind for markets.
Meanwhile, Fletcher Building sank after Morgan Stanley analysts downgraded the building materials maker to ‘underweight’ and cut its target price over elevated competition facing the firm, with Vulcan Steel falling in tandem while Steel & Tube Holdings rallied.
And Black Pearl Group marked its biggest one-day gain since early October after more than doubling its annual recurring revenue in the December quarter in a mixed day for tech companies after Meta Platforms, Microsoft and Tesla reported in the US.
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