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19 Feb 2018 9:13
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  •   Home > News > Business

    NZ shares fall despite global recovery

    New Zealand shares fell less than some analysts feared as the local market returned from a day off and global volatility settled down.

    New Zealand shares fell less than some analysts feared on Wednesday as the local market returned from a day off and global volatility settled down from selling earlier in the week.

    The dual-listed Australian banks and growth stocks declined.

    The S/NZX50 Index dropped 47.1 points, or 0.6 per cent, to 8,194.73. Within the index, 35 stocks dropped, nine rose and six were unchanged. Turnover was $219 million.

    The bourse dropped 2.1 per cent on Monday and fell about 2 per cent Wednesday morning, following a global rout that started on Wall Street on Friday after strong US jobs data fuelled concerns US inflation will accelerate faster.

    Markets in Europe and Asia followed suit on Monday, but US markets recovered Tuesday night pushing markets across Asia to trade higher in the afternoon. The NZ market was closed Tuesday for Waitangi Day.

    "Overall we're not in bad shape," said Mark Lister, head of private wealth research at Craigs Investment Partners.

    "All the other markets are well in the green, but they all fell yesterday so they're playing catch-up in terms of a rebound.''

    Mr Lister said the upcoming earnings season, which will start on Friday when Skycity Entertainment Group reports its annual result, will "give us a more truthful read on the state of the market and the economy, rather than just what share prices are doing".

    SkyCity rose 0.3 per cent to $4.

    CBL Corp's shares remained halted at $3.17. AM Best downgraded the insurer's issuer credit rating to 'bb+' from 'A-'.

    The worst performer was dual-listed lender ANZ Banking Group, down 3.3 per cent to $30.10, with Westpac dropping 2.9 per cent to $32.90 and Auckland International Airport falling 2.1 per cent to $6.40.

    Electricity companies gained, with Contact Energy up 0.9 per cent to $5.39, Meridian Energy rising 0.4 per cent to $2.81, and Mercury up 0.3 per cent to $3.31. Mr Lister said those stocks were seen as safe havens in volatile conditions.


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