NZX 50 Ends 0.6% Lower but Logs 3rd Weekly Gain
The NZX 50 shed 86 points, or 0.6%, to 14,174 on Friday, as traders took profits after the index hit a record high a day earlier, supported by strong earnings reports from heavyweight stocks. Rising oil prices pressured the index, as inflation concerns and expectations of interest rate hikes increased. Fresh data also pressured sentiment, as growth in New Zealand's manufacturing sector eased in October amid rising fuel prices, the cost of living, and concerns over election uncertainty. Caution also built ahead of the release of a slew of economic data from China, including industrial output, as well as next week's interest rate decision, FOMC minutes, and New Zealand's trade data. Almost all sectors traded in the red, led by utilities, with notable losers including AFT Pharmaceuticals (-3.2%), Fletcher Building (-2.4%), Meridian Energy (-2.1%), Delegat Group (-1.4%), and Contact Energy (-1.2%). However, the index was up 1.3% for the week, marking its third straight weekly gain.
The NZX 50 shed 86 points, or 0.6%, to 14,174 on Friday, as traders took profits after the index hit a record high a day earlier, supported by strong earnings reports from heavyweight stocks. Rising oil prices pressured the index, as inflation concerns and expectations of interest rate hikes increased. Fresh data also pressured sentiment, as growth in New Zealand's manufacturing sector eased in October amid rising fuel prices, the cost of living, and concerns over election uncertainty.
Caution also built ahead of the release of a slew of economic data from China, including industrial output, as well as next week's interest rate decision, FOMC minutes, and New Zealand's trade data. Almost all sectors traded in the red, led by utilities, with notable losers including AFT Pharmaceuticals (-3.2%), Fletcher Building (-2.4%), Meridian Energy (-2.1%), Delegat Group (-1.4%), and Contact Energy (-1.2%). However, the index was up 1.3% for the week, marking its third straight weekly gain.