Investors move to defensive stocks on global jitters
The S&P/NZX 50 index increased 11.39 points, or 0.1 percent, to 8,743.76. Despite the increase, within the index, 19 stocks gained against 23 that fell, and eight were unchanged. Turnover was low at $73.4 million.
Stocks across Asia were mixed, following a decline on Wall Street after Apple's downgraded sales outlook over China's slowing economy. Financial markets have been increasingly volatile in recent months as investors remain nervous about a number of political risks ranging from the US-China trade dispute, to Brexit, to the US federal government shutdown.
The trade dispute is seen as a major immediate threat to economic growth and investors are keen to see a resolution to avoid a slowdown hitting company earnings. Chinese and American officials are scheduled to meet next week for more negotiations.
The local market was down for much of the day, before entering positive territory late in the trading day.
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