NZ sharemarket starts week with a dip on interest rate concerns

Utilities stocks fell on concerns interest rates wiill stay high. (Image: Getty)

Mon, 17 Jul 2023

The New Zealand sharemarket dipped more than half a percent as interest rate-sensitive energy stocks took a hit ahead of this week’s latest inflation data.The S&P/NZX 50 Index fell steadily all day and closed at 11,938.92, down 74.51 points or 0.62%, with the utilities sector declining 1.49%.There were 64 gainers and 75 decliners over the whole market on volumes of 25.01 million share transactions worth $94.41m.Jeremy Sullivan, investment advisor with Hamilton Hindin Greene, said the market was driven down by utility and industrial st...

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