The New Zealand sharemarket fell to its lowest point in five weeks, driven by global uncertainty and rising oil prices. The S&P/NZX 50 Index closed at 13,631.69, a decline of 20.38 points or 0.15%. Trading saw the index fluctuate between a high of 13,712.88 and its closing level.
The market's cautious tone reflected broader concerns over inflation and energy costs. Despite a late rally in the brokers’ matching session, the overall sentiment remained bearish, with 88 decliners outpacing 48 gainers on the main board.
Analysts attributed the downturn to ongoing volatility in global markets, compounded by fears of higher oil prices. The index's five-week low underscores the challenges facing investors amid a backdrop of economic uncertainty.