Sharemarket investors go bargain hunting

The S&P/NZX 50 Index declined 38.12 points, or 0.3 percent, to 11,645.32. Within the index, 27 stocks rose, 19 fell, and four were unchanged. Turnover was $206 million.

Companies that have been successful during the pandemic were the biggest decliners on the index today, while struggling travel and retail stocks received a boost as investors positioned for more recovery. 

“Across global equity markets we are seeing profit-taking occur on winners,” said Sam Trethewey, a portfolio manager at Milford Asset Management.

The US Nasdaq fell overnight as investors trimmed some tech holdings in favour of stocks that appeared cheap. NZ was experiencing the same trend, Trethewey said.