Omicron and inflation risks flatten share market

The S&P/NZX 50 Index closed virtually unchanged, up just five points at 12,724.91. Turnover was $196 million.

US markets fell overnight after Jerome Powell told US Congress he wouldn’t describe inflation as “transitory” as it could linger into next year.

Major equity indices were down after the comments gave Asian markets a soft start on Wednesday. NZ shares traded lower for most of the day but snapped back in the closing auction.

Conflicting commentary about the dangers posed by the omicron covid variant has also been causing some trepidation among investors.