Profit taking pulls NZ shares down

The S&P/NZX 50 Index fell 106 points, or 0.8%, to 13,095.77. Turnover was $199 million.

BNZ interest rate strategist, Jason Wong said US markets were weaker overnight likely due to investors taking a profit “after a blistering run higher and some ongoing caution around the spread of the delta variant”.

NZ markets traded with a similar tone, retracing some of the month’s gain as the glow of earnings season faded and investors faced the reality of delta difficulties.

Retailer Kathmandu – which got a boost when the nationwide lockdown was lifted – today fell 4.1% to $1.42.