New Zealand Stocks Start October Lower
The NZX 50 fell 54 points, or 0.4%, to 13,781 in Thursday morning trade, after gaining in the previous session, tracking a decline on Wall Street overnight as a softer-than-expected inflation rate was offset by rising oil prices. Traders continued to monitor the Middle East conflict, as rising oil prices raised concerns over inflation expectations. Wednesday's data pressured sentiment, as New Zealand's business confidence fell to a three-month low, though it remained in positive territory. Traders also anticipated US jobs data later this week for clues about the Fed's monetary policy decision at its upcoming meeting. Almost all sectors traded in the red, with utilities leading the decline, followed by communication services, real estate, and financials. Among early losers were Meridian Energy (-1.7%), Hallenstein Glasson (-1.5%), Ebos Group (-1.3%), Fletcher Building (-0.9%), Mainfreight (-0.6%), Channel Infrastructure (-0.6%), and Auckland International Airport (-0.4%).
4%, to 13,781 in Thursday morning trade, after gaining in the previous session, tracking a decline on Wall Street overnight as a softer-than-expected inflation rate was offset by rising oil prices. Traders continued to monitor the Middle East conflict, as rising oil prices raised concerns over inflation expectations. Wednesday's data pressured sentiment, as New Zealand's business confidence fell to a three-month low, though it remained in positive territory. Traders also anticipated US jobs data later this week for clues about the Fed's monetary policy decision at its upcoming meeting.
Almost all sectors traded in the red, with utilities leading the decline, followed by communication services, real estate, and financials. 4%).