Shares dip as investors await US data

The S&P/NZX 50 Index was on a gradual slide all day and closed at 11,382.58, down 66.89 points or 0.58%.

The index has fallen 1% in the last two trading days and is now 0.8% behind for the year to date. There were 50 gainers and 79 decliners over the whole market on volumes of 42.37 million share transactions worth $100.11 million.

Mark Lister, investment director with Craigs Investment Partners, said it’s understandable that the local market has taken a breather after a six-week winning streak, the longest in a year.

He said the next two days are crucial if the rally continue: “The US November consumer price index is followed by the Federal Reserve’s monetary policy statement.