tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, June 18th, 6:08PM

Investments

rss
The Markets

NZ shares tread water ahead of US jobs report

New Zealand shares were virtually flat as investors here and overseas waited for employment data in the United States for signs of economic improvement.

Thursday, June 3rd 2021, 6:28PM

by BusinessDesk

The S&P/NZX 50 Index fell 10.07 points, or 0.1%, to 12,429.98. Within the index, 23 stocks fell, 19 rose and eight were unchanged. Turnover was $170.1 million.

Nick Smyth, an interest strategist at BNZ, said markets were trading sideways in the US overnight with investors looking towards the US nonfarm payrolls data for clues about inflation.

“It’s possible the nonfarm payrolls report on Friday night could shake things up, with the Fed clearly looking for labour market improvement as a precondition for a formal discussion around tapering”, he said in the note.

The May jobs report is expected to show an increase in hiring with the consensus that roughly 600,000 jobs were added to the US economy and the unemployment rate fell back to 5.9%.

Chief executive of Fat Prophets Angus Geddes said in a note the market wanted the number to land in a “Goldilocks zone”.

“A stronger number well outside consensus could challenge the markets with the dilemma of the economy running too hot and pointing too inflationary pressures,” he said.

“Or if the number is too cold, markets could worry that the economic rebound is losing momentum.”

Anecdotal evidence compiled by the Federal Reserve suggests there is not a huge amount of slack in the American labour market, arguably reducing the need for monetary stimulus.

The local market was divided between gainers and decliners with minimal news or market updates.

Stock market operator NZX posted a fall, dropping 2.8% to $2.07.

The Accident Compensation Corporation today disclosed it had accumulated a 5% stake in the company, having bought an additional 720,000 shares since February.

Napier Port had the biggest gain, up 2.1% at $3.42, followed by Port of Tauranga which rose 1.7% to $7.38. ANZ’s commodity price index today noted strong demand for logs in China. 

Air NZ announced it had poached Vector’s chief digital officer, Nikhil Ravishankar, to join the airline’s executive team. Its share price was unchanged, at $1.70, while Vector slid 0.5% to $4.08.

New Zealand King Salmon shares dropped 5% to $1.52 after it told investors its fish were too small. Warmer conditions have led to poor growth in some salmon farms.

Currency traders also turned their attention to coming US labour market report, as the kiwi dollar continued to drift lower.

The kiwi dollar was trading at 72.28 US cents at 3pm in Wellington, down from 72.63 cents yesterday.

Estimates for where the jobs report will land span a wide range, meaning there could be some “long-awaited volatility in its aftermath” according to forex firm OFX.

Weaker data could be a catalyst that pushes the kiwi through resistance at 73 US cents.

The trade-weighted index was at 74.97 at 3pm, from 75.26 yesterday. The kiwi traded at 93.35 Australian cents from 93.55 cents, 79.26 yen from 79.61 yen, 59.22 euro cents from 59.43 cents, 51.00 British pence from 51.30 pence, and 4.6152 Chinese yuan from 4.6332 yuan.

Tags: Market Close

« Kiwi dollar unwinds RBNZ rallySynlait leads NZ shares higher »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.19 2.59 ▲2.99
ANZ 4.44 2.79 3.19 3.59
ANZ Special - 2.19 2.59 2.99
ASB Back My Build 1.79 - - -
ASB Bank 4.45 ▼2.19 2.59 ▲2.99
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▼2.19 2.55 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼2.79 3.15 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 3.80 3.90 -
HSBC Premier 4.49 2.19 2.45 2.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.04 3.40 3.84
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.19 2.55 2.99
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.69 2.99 3.29
SBS Bank Special - 2.19 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▼1.99 - -
The Co-operative Bank - Owner Occ 4.40 ▼2.19 2.59 ▲2.99
The Co-operative Bank - Standard 4.40 ▼2.69 3.09 ▲3.49
TSB Bank 5.34 2.99 3.35 ▲3.79
TSB Special 4.54 2.19 2.55 ▲2.99
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼2.79 3.19 3.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.19 2.59 2.99
Median 4.55 2.68 2.99 2.99

Last updated: 18 June 2021 9:03am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com