Serko leads NZX50 lower as tech fears remain
New Zealand’s S&P/NZX 50 index joined the global slide, with travel software firm Serko leading the benchmark lower on Thursday as it neared a two-month low after artificial intelligence startup Anthropic rattled markets with its push into legal services prompting investors to second-guess which software firms will be disrupted by the new technology.
Asian stock markets were broadly weaker as the tech selloff continued, although some of the firms slapped around on Wednesday clawed back losses, with Gentrack and Vista Group International on the green side of the ledger, and ASX-listed Xero up in late trading.
Still, the local benchmark eked out a gain in the shortened week as Vector, Contact Energy and Westpac Banking Corp leading the index, with the local market closed on Friday for the Waitangi Day public holiday.
Santana Minerals posted the steepest decline across the main board as gold prices remained whippy and after the would-be miner said a decision on its fast-track consent application will be coming in late October.
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