NZ sharemarket dives 1.5% despite positive inflation data
Trading in the afternoon was volatile and the S&P/NZX 50 Index declined 199.45 points or 1.55% to 12,641.32 at the close. There were 47.5 million share transactions worth $156.14m.
Greg Smith, head of retail with Devon Funds Management, said the annual inflation rate of 2.2% didn’t surprise the market and there were investor concerns involving Spark, a2 Milk and Infratil.
Spark remained locked in a nine-year low after declining 9c or 2.97% to $2.94; a2 Milk was down 29c or 4.11% to $6.76; and Infratil shed 34.5c or 2.79% to $12.
Fisher and Paykel Healthcare was down 63c or 1.7% to $36.50; Mainfreight decreased $1.74 or 2.38% to $71.26; and Ebos Group shedding 99c or 2.68% to $35.91, added to the day’s decline.
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