
Market close: NZ sharemarket ends steady after RBNZ rate cut
NZ stocks ended slightly down with Fletcher Building outperforming after the OCR cut.
NZ stocks ended slightly down with Fletcher Building outperforming after the OCR cut.
The S&P/NZX 50 Index closed at 13,051.12, down 17.81 points or 0.14%.
The index finished the week ahead by nearly 0.7%.
And US inflation comes in hotter than forecasts had expected.
All eyes were on Contact Energy and Mercury.
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The NZX index shook off yesterday's 1.42% fall.
The New Zealand sharemarket slumped to its biggest single-day-fall since December 19.
The threat of Trump tariffs reared its head again for some businesses.
The New Zealand sharemarket posted its fourth decline in five trading days.
A late spurt helped the local index finish higher for the day.
Dairy processor's good day wasn't enough to help the sharemarket into positive territory.
But the local market is choppy on low liquidity and lack of specific corporate news.
US-listed Rocket Lab hit a record high, with its shares rising 30%.
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Auckland airport, Tourism Holdings and Millennium and Copthorne Hotels NZ all rose.
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Kiwi company failed to get backing for continued US Medicare payments for its cancer test.
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The decline comes after the index was up 11.4% in 2024.
The New Zealand stock exchange reported a decline as overseas markets led the way.
The New Zealand share market had a slight bump.
There was continued interest in Contact and Mercury ahead of an index change.
It was a soft start to the year on worries about higher bond rates.
The S&P 500 and Nasdaq rose to record highs last year.
But the NZX index finished the year with a gain of 11.4%.