Local shares hold up despite overseas slowdown worries

(Image: Supplied)

Fri, 02 Aug 2024

New Zealand stocks held up better than offshore markets as investors became wary of a global economic slowdown. At home, the Warehouse Group fell nearly 15% after knocking back a takeover proposal.The S&P/NZX 50 Index fell to a midday low of 12,326.9 before recovering to a close of 12,453.04, down 34.9 points or 0.28%. The index was ahead 0.5% for the week.There were 92 decliners and 43 gainers over the whole market with 38.89 million shares worth $136.5m changing hands.Shane Solly, portfolio manager with Harbour Asset Management, said weak...

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