NZX 50 Retreats from Record High on Profit-Taking
The NZX 50 shed 70 points, or 0.5%, to 14,097 in Wednesday morning trade, halting the previous session's gains as traders took profit after the index hit a record high the day before. The broader index followed a decline on Wall Street overnight as inflation came in hotter than expected. Traders continued to monitor coalition talks, while Labour market leaders identified National's Simeon Brown and Labour's Barbara Edmonds as the leading candidates for Finance Minister. The names emerged after current Finance Minister Nicola Willis failed to secure a seat in Parliament. Meanwhile, easing oil prices limited the decline as inflation concerns and expectations of interest rate hikes eased. Financials, real estate, and industrials mainly weighed on the index, with early losers including Fletcher Building (-2.0%), Infratil (-1.6%), Westpac Banking Corp. (-1.3%), Auckland International Airport (-0.9%), and Summerset Group (-0.9%).
The NZX 50 shed 70 points, or 0.5%, to 14,097 in Wednesday morning trade, halting the previous session's gains as traders took profit after the index hit a record high the day before. The broader index followed a decline on Wall Street overnight as inflation came in hotter than expected. Traders continued to monitor coalition talks, while Labour market leaders identified National's Simeon Brown and Labour's Barbara Edmonds as the leading candidates for Finance Minister. The names emerged after current Finance Minister Nicola Willis failed to secure a seat in Parliament.
Meanwhile, easing oil prices limited the decline as inflation concerns and expectations of interest rate hikes eased. Financials, real estate, and industrials mainly weighed on the index, with early losers including Fletcher Building (-2.0%), Infratil (-1.6%), Westpac Banking Corp. (-1.3%), Auckland International Airport (-0.9%), and Summerset Group (-0.9%).