NZ sharemarket rocked by US inflation data

(Image: Getty)

Fri, 26 Apr 2024

The New Zealand sharemarket bore the brunt of hotter-than-expected inflation data in the US that saw bond yields rise and more angst over the timing of any interest rate cuts.The S&P/NZX 50 Index initially held up over the morning session but fell during the afternoon to close down 141.34 points, or 1.18%, at 11,805.There were 93 decliners and 42 gainers over the whole market on volumes of 27.52 million share transactions worth $111.78m.Harbour Asset Management portfolio manager Shane Solly said plenty of factors are in play with the local...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Infrastructure

Port of Auckland lease proposal dead

The port has promised higher profits over the coming decade.

Oliver Lewis 3:00pm

Politics

Mfat accepts it mismanaged $33m

Foreign ministry says it takes the mismanagement of public funds seriously.

Dileepa Fonseka 2:40pm

Economy

Weak red meat prices drop ANZCO Foods' profit nearly 60%

But, unlike other major processors, it still managed to turn a profit.

Riley Kennedy 12:27pm

Weak red meat prices drop ANZCO Foods' profit nearly 60%

Sponsored

The business redefining skincare

Why Kiwibank quickly got behind global beauty brand Emma Lewisham.

Kiwibank

Sponsored

Next-gen CCTV protecting our cities

Fibre connectivity supporting rapidly evolving CCTV advances.

Chorus

More Markets

Markets

IkeGPS wins $4m in US contracts for its 'industry standard' software

Staff reporters 2:50pm

Retail

'Spectacular': Briscoe's Rod Duke rapt with 1Q sales result

Unaudited group sales grew 1.03% amid tough trading conditions.

Gregor Thompson 11:50am

Economy

ANZ increases cash profit as net interest margins get squeezed

ANZ New Zealand has reported a 4% increase in its half-yearly profit despite pressure squeezing its margins.The bank's cash profit increased to $1.15 billion in the six months to March, up from $1.1b in the same period last year, but stable compared to the second half of its...

Riley Kennedy 10:50am

Markets

Toyota, Tata Motors positioned to benefit from hybrid auto boom

Japanese carmakers saw higher North American sales.

Bloomberg 8:00am

NZ sharemarket rocked by US inflation data

More Markets

Your company has a subscription

Team