NZX 50 Extends Losses Ahead of Jobs Data
The NZX 50 fell 38 points, or 0.3%, to 13,661 in Tuesday morning deals, extending losses from the previous session ahead of the release of jobs data. New Zealand's Q3 jobs data will be released on Wednesday, after the jobless rate posted its highest reading since Q3 2015 in Q2. The broader index tracked a mostly lower Wall Street overnight as tech stocks continued to fall. Traders also remained concerned about signals of a possible interest rate hike at the RBNZ's December meeting amid the central bank's efforts to combat inflation. However, a slump in oil prices limited the decline as inflation concerns eased. The broader index touched its lowest level since October 20, mainly weighed down by energy, financials, and utilities. Among early decliners were Channel Infrastructure (-1.5%), Fletcher Building (-1.2%), Ventia Services (-1.2%), Westpac Banking Corp. (-0.9%), Gentrack Group (-0.7%), and Fisher & Paykel (-0.5%).
The NZX 50 fell 38 points, or 0.3%, to 13,661 in Tuesday morning deals, extending losses from the previous session ahead of the release of jobs data. New Zealand's Q3 jobs data will be released on Wednesday, after the jobless rate posted its highest reading since Q3 2015 in Q2. The broader index tracked a mostly lower Wall Street overnight as tech stocks continued to fall. Traders also remained concerned about signals of a possible interest rate hike at the RBNZ's December meeting amid the central bank's efforts to combat inflation.
However, a slump in oil prices limited the decline as inflation concerns eased. The broader index touched its lowest level since October 20, mainly weighed down by energy, financials, and utilities. Among early decliners were Channel Infrastructure (-1.5%), Fletcher Building (-1.2%), Ventia Services (-1.2%), Westpac Banking Corp. (-0.9%), Gentrack Group (-0.7%), and Fisher & Paykel (-0.5%).