NZX50 flat as companies go ex-dividend

Apart from a lunchtime dip, the S&P/NZX 50 Index traded steadily and closed at 11,426.84, down 0.82 points or 0.01%.

There were 48 gainers and 89 decliners on the main board, with 31.13 million shares worth $157.75m changing hands.

Paul Robertshawe, chief investment officer with Octagon Asset Management, said the local market was in a bit of a lull, but “we have had a big correction through the reporting season, and that’s cleared the air. I feel okay about the market.

“It looks like we are going through one of those phases where good news is bad news. There was a strong purchasing managers index in the US, and people are still spending,” he said.