Growth stocks lead NZX 50 lower

The S&P/NZX 50 Index fell 70 points, or 0.6%, to 12,141.77. Turnover was $163 million.

Investors have remained focused on the financial implications of the war in Ukraine which threatens to exacerbate inflation.

Commodity prices took another sharp lead overnight. The S&P GSCI index of global raw material prices was up 18% this week – the fastest weekly rise on record.

Michael McCarthy, chief strategy officer at Tiger Brokers Australia, said investors globally were concerned about slowing economic growth and inflationary pressures that tie the hands of central bankers.