Interest rates, earnings guidance squeezes shares down

Interest rates are one of the squeezes on equities. (Image: Getty)

Wed, 25 Oct 2023

The New Zealand sharemarket continued to lose ground as stocks were still boxed in by high interest rates and modest earnings expectations.By the close, the S&P/NZX50 index was at 10,884.040, down 76.583 points, or 0.7%.Turnover, worth $111.76 million, was moderate, and there were 78 falls and 48 rises among the 185 stocks traded on the main board.“There certainly has not been any panic but there are quite steady falls now,” Matt Goodson, managing director at Salt Funds Management, said.The market dropped 4.2% in August, 2.2% in...

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