NZX 50 Poised to End Week on a Low Note
The NZX 50 fell 47 points, or 0.3%, to 13,670 in Friday morning trade, extending losses from the previous session and tracking a fall on Wall Street overnight as a tech-sector selloff deepened. Caution prevailed ahead of the RBNZ’s monetary policy decision next week, as well as the Fed’s interest rate decision. Traders continued to assess Q3 inflation data. Although annual inflation eased to 3.7% in Q3, caution persisted amid expectations that inflation would rise again following a temporary dip in fuel prices. Inflation also remained above the RBNZ’s 1—3% target range. Rising oil prices further pressured sentiment, raising concerns over inflation expectations and interest rate hikes. The technology, consumer discretionary, and financial sectors weighed on the index, with notable losses including Meridian Energy (-1.5%), East Income (-2.4%), EBOS Group (-0.9%), and Summerset Group. For the week, the index is heading for a 0.6% fall after being almost flat in the previous week.
The NZX 50 fell 47 points, or 0.3%, to 13,670 in Friday morning trade, extending losses from the previous session and tracking a fall on Wall Street overnight as a tech-sector selloff deepened. Caution prevailed ahead of the RBNZ’s monetary policy decision next week, as well as the Fed’s interest rate decision. Traders continued to assess Q3 inflation data. Although annual inflation eased to 3.7% in Q3, caution persisted amid expectations that inflation would rise again following a temporary dip in fuel prices.
Inflation also remained above the RBNZ’s 1—3% target range. Rising oil prices further pressured sentiment, raising concerns over inflation expectations and interest rate hikes. The technology, consumer discretionary, and financial sectors weighed on the index, with notable losses including Meridian Energy (-1.5%), East Income (-2.4%), EBOS Group (-0.9%), and Summerset Group. For the week, the index is heading for a 0.6% fall after being almost flat in the previous week.