Pacific Edge rises as wider sharemarket stutters
The S&P/NZX 50 Index wavered in the afternoon and closed at 11,959.33, down 43.13 points or 0.36% after reaching an intraday high of 12,055.2.
Market sentiment also softened across the Tasman with the Australian S&P/ASX 200 Index falling 1.29% to 7159.6 points by 6pm NZ time.
There were 53 gainers and 79 decliners on the local market with 42.67 million shares worth $117.9m changing hands.
Greg Main, a Jarden Wealth Management adviser, said the local market was thinly traded and offshore investors selling can easily move prices. There seems to be a lack of conviction around, at present, and the market might trade sideways for a little longer, he said.
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