Wary investors cast gloom over the NZ sharemarket

The S&P/NZX 50 Index made a small recovery late in the day and closed at 11,611.19, down 40.39 points or 0.35%.

The index fell nearly 2% for the week – this last happened in late May - and it has fallen on 12 of the last 14 trading days. The index is down nearly 4% so far this month – the weakest month since September last year – and August is only halfway through. The index is still 1.27% ahead for the year.

There were 91 decliners and 40 gainers over the whole market on light trading of 22.05 million shares worth $86.44m.

Mark Lister, investment director with Craigs Investment Partners, said, “the optimism we have enjoyed over the first seven months of the year has turned. The local market is looking subdued.