NZX50 sinks to 4-month low as AI fears accelerate
New Zealand’s S&P/NZX 50 index sank to a four-month low in its steepest one-day slide since April last year as skinny margins for US network equipment maker Cisco Systems and Algorhthym Holdings’ claim to drive trucking efficiencies through its artificial intelligence technology kept markets on edge around the world.
Fisher & Paykel Healthcare and Ebos Group were among the bigger drags on a sombre day on the local market, as a soft earnings report from Australia’s Cochlear was the latest bad news weighing on healthcare stocks on both sides of the Tasman.
Skellerup Holdings was one of the few bright spots on the local market after the rubber goods maker’s record first-half result earlier this week, while outside the top 50 index, South Port New Zealand rallied on its own record earnings.
Meanwhile, inflation expectations nudged higher in the Reserve Bank’s latest survey of business managers, reflecting the growing price pressures in the economy, ahead of the central bank’s first interest rate review next week.
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