NZX 50 Erases Morning Gains, Ends Slightly Lower
The NZX 50 lost 17 points, or 0.1%, to close at 13,739 on Friday, reversing gains in morning trade and halting gains in the previous two sessions, as traders continued to assess the GDP data. Thursday’s data showed New Zealand’s GDP grew faster than expected in Q2 on a yearly and quarterly basis, but eased to 0.1% quarterly from 0.2%. Traders anticipated China’s interest rate decision and US PMI data next week for clues about the economic outlook in the two countries. However, the latest data capped gains, as New Zealand’s trade deficit narrowed in August from July, while food inflation stayed at a 19-month low. A rally on Wall Street Thursday also helped prevent the index from falling deeper, as easing oil prices softened Treasury yields. Consumer staples, financials, and communication services mainly weighed on the index, with the biggest laggards including A2 Milk (-3.9%), Skellerup Holdings (-2.9%), Gentrack Group (-2.6%), Infratil (-1.0%), and Westpac Banking Corp (-0.9%).
1%, to close at 13,739 on Friday, reversing gains in morning trade and halting gains in the previous two sessions, as traders continued to assess the GDP data. 2%. Traders anticipated China’s interest rate decision and US PMI data next week for clues about the economic outlook in the two countries. However, the latest data capped gains, as New Zealand’s trade deficit narrowed in August from July, while food inflation stayed at a 19-month low.
A rally on Wall Street Thursday also helped prevent the index from falling deeper, as easing oil prices softened Treasury yields. 9%).