Shares slip on rising costs, dwindling business confidence
The S&P/NZX 50 edged down 0.68 of a point, or 0.01 percent, to 9,326.59. Within the index, 21 stocks fell, 18 gained and 11 were unchanged. Turnover was $137.9 million.
The New Zealand Institute of Economic Research's quarterly survey of business opinion showed the worst economic confidence since March 2009, with firms experiencing weaker demand and a growing number of companies anticipating shrinking earnings.
Courier company Freightways, often seen as a bellwether for the local economy, fell 1.4 percent to $7.69. Port of Tauranga, the country's biggest export port, declined 1.3 percent to $5.16.
"We've had some business confidence numbers that weren't very good," said David Price, a broker at Forsyth Barr. "The market is obviously taking stock that they are going to get a number of these factors coming through."
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