NZX 50 Ends Slightly Lower amid Tight Election Results
The NZX 50 fell 25 points, or 0.2%, to 13,974 in Monday morning trade, extending losses from the previous session amid uncertainty over the general election result. New Zealand's Saturday general election could have resulted in a hung Parliament, although National is best placed to form a coalition with ACT and New Zealand First, while a narrow opposition victory cannot be ruled out. Formal coalition talks will not begin until the final results are announced on November 27. However, moderating oil prices lifted sentiment as inflation and interest-rate-hike concerns eased, while traders anticipated the release of China's trade data and US inflation figures later this week. An upbeat session on Wall Street on Friday, supported by a recovery in tech stocks, limited the decline. Healthcare and tech stocks mainly weighed on the index, with notable losses among ANZ Group (-2.8%), EBOS Group (-2.1%), Chorus (-1.8%), F&C Investment (-1.4%), and Fisher & Paykel (-1.0%).
The NZX 50 fell 25 points, or 0.2%, to 13,974 in Monday morning trade, extending losses from the previous session amid uncertainty over the general election result. New Zealand's Saturday general election could have resulted in a hung Parliament, although National is best placed to form a coalition with ACT and New Zealand First, while a narrow opposition victory cannot be ruled out. Formal coalition talks will not begin until the final results are announced on November 27. However, moderating oil prices lifted sentiment as inflation and interest-rate-hike concerns eased, while traders anticipated the release of China's trade data and US inflation figures later this week.
An upbeat session on Wall Street on Friday, supported by a recovery in tech stocks, limited the decline. Healthcare and tech stocks mainly weighed on the index, with notable losses among ANZ Group (-2.8%), EBOS Group (-2.1%), Chorus (-1.8%), F&C Investment (-1.4%), and Fisher & Paykel (-1.0%).