NZX 50 Edges Lower in Morning Trade,
The NZX 50 dropped 26 points, or 0.2%, to 13,801 in Tuesday morning trade, erasing gains from the previous session, mainly weighed down by industrials, communication services, utilities, technology, and financials. The broader index tracked a decline in the Nasdaq on Wall Street overnight, led by losses in the tech sector. Rising oil prices pressured sentiment amid heightened concerns over inflation and interest rate hikes. Caution mounted ahead of the release of New Zealand's food inflation and business PMI data due later this week. Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's September CPI, PPI, and trade data amid weak domestic demand and rising oil prices. Among the early losers were Freightways Group (-2.2%), AFT Pharmaceuticals (-2.0%), Auckland International Airport (-1.4%), Skellerup Holdings (-1.3%), Mainfreight (-1.0%), Chorus (-1.0%), and Infratil (-0.9%).
2%, to 13,801 in Tuesday morning trade, erasing gains from the previous session, mainly weighed down by industrials, communication services, utilities, technology, and financials. The broader index tracked a decline in the Nasdaq on Wall Street overnight, led by losses in the tech sector. Rising oil prices pressured sentiment amid heightened concerns over inflation and interest rate hikes. Caution mounted ahead of the release of New Zealand's food inflation and business PMI data due later this week.
Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's September CPI, PPI, and trade data amid weak domestic demand and rising oil prices. 9%).