NZX 50 Retreats from Record High, but Set for Weekly Gain
The NZX 50 dropped 162 points, or 1.2%, to 13,929 in Friday morning deals from a record high touched a day earlier, tracking a fall on Wall Street overnight amid a plunge in AI-related chipmaker stocks, as traders assessed the implications of the Democrats' sweeping victory on Tuesday. The broader index fell after marking its best single-day trading session in nearly 19 months on Thursday. Rising oil prices also pressured sentiment as inflation and interest rate hike concerns increased. Caution also built ahead of the release of US jobs data later today, as well as Chinese CPI, PPI, and trade data, and US inflation data next week. Almost all sectors traded in the red, led by the financials sector, with notable losers including Infratil (-3.0%), F&C Investment (-2.8%), A2 Milk (-1.9%), Auckland International Airport (-1.7%), Fisher & Paykel (-1.2%), and Freightways Group (-0.9%). For the week, the index is heading for a 1.0% rise, which would mark its second straight weekly gain.
The NZX 50 dropped 162 points, or 1.2%, to 13,929 in Friday morning deals from a record high touched a day earlier, tracking a fall on Wall Street overnight amid a plunge in AI-related chipmaker stocks, as traders assessed the implications of the Democrats' sweeping victory on Tuesday. The broader index fell after marking its best single-day trading session in nearly 19 months on Thursday. Rising oil prices also pressured sentiment as inflation and interest rate hike concerns increased. Caution also built ahead of the release of US jobs data later today, as well as Chinese CPI, PPI, and trade data, and US inflation data next week.
Almost all sectors traded in the red, led by the financials sector, with notable losers including Infratil (-3.0%), F&C Investment (-2.8%), A2 Milk (-1.9%), Auckland International Airport (-1.7%), Fisher & Paykel (-1.2%), and Freightways Group (-0.9%). For the week, the index is heading for a 1.0% rise, which would mark its second straight weekly gain.