Rudderless NZ sharemarket drifts lower

The S&P/NZX 50 Index declined 21 points, or 0.2%, to 12,534.51. Across the main board, 61 stocks fell, 81 rose, and 37 were unchanged. Turnover was $116.7 million, with 13 companies trading on volumes of more than a million shares. 

North American markets were closed overnight, and stocks were largely muted ahead of US employment figures at the end of the week. These figures will be key in determining how quickly the US Federal Reserve will cut interest rates. 

Meanwhile, Australian economic data provided a murky picture ahead of gross domestic product figures out on Wednesday. 

“With Labor Day in the US, there was little in the way of offshore leads,” Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene, said. “When you look at the market, it’s a bit mixed.”