NZX 50 Poised for 2nd Straight Weekly Decline
The NZX 50 dropped 51 points, or 0.4%, to 13,641 in Friday morning trade, touching its lowest level since September 16 and halting a slight gain in the previous session. The index tracked a decline on Wall Street overnight amid selling in tech stocks and rising oil prices. Rising oil prices continued to pressure sentiment, raising concerns about inflation and interest rate hikes. Traders were also cautious ahead of the release of New Zealand's food inflation and business PMI data next week, as well as US and Chinese inflation data that could provide further clues about economic conditions in the two countries. Financials, industrials, and consumer discretionary stocks mainly weighed on the index, with notable losses from Infratil (-2.2%), Ventia Services Group (-1.6%), South Port NZ (-1.2%), and Auckland International Airport (-1.1%). For the week, the index was heading for a 0.3% loss, which would mark its second consecutive weekly decline.
4%, to 13,641 in Friday morning trade, touching its lowest level since September 16 and halting a slight gain in the previous session. The index tracked a decline on Wall Street overnight amid selling in tech stocks and rising oil prices. Rising oil prices continued to pressure sentiment, raising concerns about inflation and interest rate hikes. Traders were also cautious ahead of the release of New Zealand's food inflation and business PMI data next week, as well as US and Chinese inflation data that could provide further clues about economic conditions in the two countries.
1%). 3% loss, which would mark its second consecutive weekly decline.