NZX 50 Ends 0.7% Lower but Posts 2nd Weekly Gain
The NZX 50 fell 92 points, or 0.7%, to close at 13,999 on Friday, retreating 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 amid renewed risks of US-Iran conflict. 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 consumer staples and financials sectors, with the worst performers including Sanford (-3.6%), F&C Investment (-2.8%), Infratil (-1.9%), A2 Milk (-1.7%), and Mainfreight (-1.1%). For the week, the index rose 1.5%, marking its second straight weekly gain.
The NZX 50 fell 92 points, or 0.7%, to close at 13,999 on Friday, retreating 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 amid renewed risks of US-Iran conflict. 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 consumer staples and financials sectors, with the worst performers including Sanford (-3.6%), F&C Investment (-2.8%), Infratil (-1.9%), A2 Milk (-1.7%), and Mainfreight (-1.1%). For the week, the index rose 1.5%, marking its second straight weekly gain.