NZ sharemarket dives 1.5% despite positive inflation data

There were 47.5 million share transactions worth $156.14m. (Image: Getty)

Wed, 16 Oct 2024

Inflation has reached its lowest level in 42 months but that wasn’t enough to stop the New Zealand sharemarket plunging more than 1.5% as several leading stocks took a dive.Trading in the afternoon was volatile and the S&P/NZX 50 Index declined 199.45 points or 1.55% to 12,641.32 at the close. There were 47.5 million share transactions worth $156.14m.Greg Smith, head of retail with Devon Funds Management, said the annual inflation rate of 2.2% didn’t surprise the market and there were investor concerns involving Spark, a2 Milk a...

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