NZ market tumbles as latest reporting season ends

(Image: Getty)

Tue, 30 May 2023

The New Zealand sharemarket took a tumble in the last hour, falling nearly half a percent, as the latest reporting season featuring mixed financial results came to an end.Without strong leads from the United States and Australian markets, the S&P/NZX 50 Index was trading without direction for much of the day and reached an intraday high of 11,941.35.But then the market suddenly dived and closed at 11,878.71, down 56.94 points or 0.48%.There were 50 gainers and 78 decliners over the whole market on volumes of 36.63 million share transactions...

Subscribe to BusinessDesk

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

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

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].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

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 }}

Markets Market Close

NZ sharemarket reacts positively to GDP news

The S&P/NZX 50 Index closed at 12,054.72, up 8.79 points or 0.073%.

Graham Skellern 6:10pm

Markets

Energy minister out to avert another winter power crisis

Simon Watts says hoping for rain is 'not the way to do business'.

Ian Llewellyn 2:15pm

Energy minister out to avert another winter power crisis

Markets

Analysts hold mixed hopes for retailers ahead of earnings

Forsyth Barr likes the look of Hallenstein Glasson.

Gregor Thompson 11:28am

Analysts hold mixed hopes for retailers ahead of earnings

Sponsored

The new face of luxury Scotch: Harrison Ford, the Traitors castle and an E-Type Jag

Harrison Ford’s Glenmorangie campaign breaks all the rules.

Glenmorangie Whiskey

Sponsored

Mastering market swings

ETFs can be a "smart" way to build a long-term, diverse portfolio.

Smart

More Markets

Markets Market Close

NZ sharemarket reacts positively to GDP news

The S&P/NZX 50 Index closed at 12,054.72, up 8.79 points or 0.073%.

Graham Skellern 6:10pm

Markets

‘Absolute nose dive’: Spark trades under $2

Spark's share price has fallen below $2 for the first time since January 2012.While Thursday's 5.54% drop to $1.96 was due to going ex-dividend, Salt Funds managing director Matthew Goodson said it’s been a painful couple of years for the telco's shareholders. “In fac...

Staff reporters 5:10pm