NZX 50 index slips 1 per cent as sellers pummel Meridian Energy stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.
NZX50 up nearly 100 points as Dow Jones, S&P500 hit new highs stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.
“We had a pretty good lead out of the US with markets over there rebounding, particularly in the growth stocks,” said Grant Davies, an investment adviser at Hamilton Hindin Greene. “Markets have been sold off quite aggressively over the last month, so there’s been a little bit of a buying in the dip.” Fisher & Paykel Healthcare, the largest stock on the market, rose 2.9 per cent to $29.12, tracking technology growth stocks higher.
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The sharemarket is back in favour as bond yields weakened. Like the Nasdaq, New Zealand s top-50 index was in a technical correction – a fall of 10 per cent or more from its recent peak of 13,558 on January 8.
The market overall closed down 0.8 per cent. Frances Sweetman, a senior analyst at Milford Asset Management, which invested in the listing, said markets had been very weak since investors submitted their bids and the My Food Bag price was set. “Listing into such a weak market as it was on Friday, it’s not surprising. It’s always more difficult with new listings. Investors were nervous about how the company will respond to broader market weakness because we don’t have the track record to rely on. You would expect new listings to underperform the broader market.” The New Zealand sharemarket is now down about 10 per cent from January.