NZ Stock Market Falls Slightly Amid Rate Hike Worries
The New Zealand stock market fell slightly on Monday, weighed down by rate-sensitive commercial landlords. The S&P/NZX 50 index dropped 31.35 points, or 0.2%, to 13,942.83.
This decline was partly due to the strong US jobs growth and elevated oil prices, which led investors to bet on a Federal Reserve interest rate hike this month. Rate-sensitive companies like Stride Property Group, Precinct Properties NZ, and Kiwi Property Group were among the day's decliners, falling by 2.6%, 1.5%, and 1.1% respectively.
In contrast, New Zealand's listed power companies performed well, with Mercury NZ and Meridian Energy offsetting declines for blue chips like Infratil and Fisher & Paykel Healthcare. The energy sector as a whole was stronger, with Meridian rising 0.6% to $5.38 and Contact Energy gaining 0.9% to $8.75.